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Q4 2021 New Jersey Office Market Report

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New Jersey’s office market took major strides in its recovery during the fourth quarter, despite the omicron variant and its possible temporary disruptions to the recovery.

At 2.5 MSF, leasing activity reached its highest level since Q4 2019 and was propelled by the return of large transactions that stalled during the pandemic. The fourth quarter alone saw seven new leases signed in excess of 50,000 SF, while the first three quarters combined had just seven such transactions. This helped push the full year leasing figure to 8.2 MSF, up 17.9% year over year. Heightened demand resulted in positive net absorption in the fourth quarter, marking the first quarter of positive gains since the start of the pandemic. This helped improve the availability rate 40 basis points quarter over quarter to 22.2%.
 

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Q4 2021 New Jersey Office Market Report

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