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New Jersey Office Market Report 3Q 2020

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COVID-19 IMPACT ON OFFICE MARKET

 

As companies in New Jersey begin to re-enter the workplace, businesses are starting to reevaluate their space needs. As such, two prominent trends came into light during the third quarter: an increase in newly available sublease space and new satellite office requirements from Manhattan. With tenant activity resuming in the third quarter, New Jersey has seen several office users from Manhattan lease short-term space or open a satellite office in the market, a trend that was highly discussed at the onset of the pandemic and one that will likely continue through the end of 2020.

Total nonfarm employment in New Jersey increased from last month by 66,000 jobs in August according to the NJ Department of Labor, as the partial re-opening of the State continued. The unemployment rate improved to 10.9% in August, after reaching a high of 16.8% in June. New Jersey has now regained a total of 409,400 jobs in the four months since April, or about 49% of the jobs lost due to the coronavirus pandemic and measures taken in response to it. The remarkable rise of job gains in August came on the heels of a substantial increase from the prior two months.

 


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New Jersey Office Market Report 3Q 2020

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