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Q3 2022 New Jersey Office Market Report

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The New Jersey office market’s recovery stalled during the third quarter of 2022, as new large blocks of availability offset leasing demand.

Net absorption was negative by 114,707 square feet (SF), causing a slight increase in availability by 10 basis points to 21.9%, which remains down from 22.8% one year ago. The setback was not uniform across submarkets as several submarkets recorded notable gains, including East I-78, Monmouth, and Morristown. Quarterly leasing activity totaled 2.4 million square feet (MSF), down 14.7% from the previous quarter, but up 63.0% from the third quarter of 2021. New leasing activity continued to highlight a growing flight to quality trend. The average asking rent grew by 2.3% year-over-year to $29.69/SF. Generous concessions on new leases remain a theme as soft market conditions persist.

 

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Q3 2022 New Jersey Office Market Report

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Felix Soto

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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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Colin Hyde

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Colin joined Colliers in 2022 as a Research Manager in the firm’s Parsippany, New Jersey office. In this role, Colin maintains data for thousands of commercial properties across the suburban Tri-State markets, primarily focusing on New Jersey. He is responsible for producing quarterly statistics, authoring market reports and white papers, as well as assisting in client presentations with timely market analyses.

Prior to joining Colliers, Colin spent four years at Newmark where he ascended from Research Analyst to Research Manager during his tenure. He tracked more than 800 million square feet of office and industrial real estate and was involved in expanding the New Jersey research platform.

 

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