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NJ Q1 2021 New Jersey Office Market Report

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As we pass the one-year anniversary of COVID-19 related shutdowns in New Jersey, the impact the pandemic had was clear. Large blocks of sublease space continued to return to the market as many office employees continue to work from home. Leasing activity was driven by renewals, as tenants delay significant real estate moves, while reassessing space needs. Businesses and landlords are eager to put the pandemic in their rearview mirror, and there is some hope that with a vaccine, the market will make a turnaround during the second half of 2021.


New Jersey’s office market continues to feel the fallout one year after COVID-19 and the related shutdowns. The uncertainty has resulted in a glut of sublease space returning to the market, now accounting for 15.5% of the total available space – a number not seen since 2010, during the height of the global financial crisis.


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NJ Q1 2021 New Jersey Office Market Report

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