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Q2 2022 New Jersey Office Market Report

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After a slow start to begin the year, leasing activity rebounded during the second quarter of 2022 to 2.8 million square feet (MSF).

  • Life sciences companies continued to benefit the State, as the industry made up 28% of the total leasing activity this quarter.
  • Demand was fueled by larger transactions and helped reduce the availability rate and turn net absorption positive.
  • The availability rate improved 20 basis points to 22.2% and net absorption was positive for the second time in three quarters, totaling 601,774 SF.
  • The 2.8 MSF of leases were just enough to offset the accumulation of several new subleases and direct space that returned to the market.
  • The total square footage of newly available subleases greater than 5,000 SF increased 53.0% to 831,737 SF, after having marked the lowest volume post-pandemic the previous quarter.
 

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Q2 2022 New Jersey Office Market Report

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Felix Soto

Research Manager

Woodbridge

Felix joined Colliers International in 2014 as a Research Analyst in the Parsippany office.  Felix assists in gathering and providing market data, as well as assisting brokers in completing various research requests.   

Prior to joining Colliers, Felix worked as a Habilitation Counselor for Rutgers Biomedical and Health Science, where he facilitated and developed multidisciplinary treatment plans with case management clients.  While at the University, Felix provided crisis outreach to assist in recognizing and intervening in potential crisis situations.  Felix moved on to become a Site Manager at Easter Seals of New Jersey, where his primary focus was ensuring services were in compliance with all licensing, policies, and providing utilization and statistical information to achieve financial sustainability. 

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