NKF: Midsized deals in life sciences, tech highlight Q1 office leasing

A lease by a life sciences company in Morristown and a tech firm’s expansion in Hoboken were among New Jersey’s top office deals in the first quarter, as part of a market that saw availability inch downward to start the year.

Those are among the findings of a new report by Newmark Knight Frank, which noted that availability in the region improved slightly to 23.2 percent from 23.3 percent. That was driven by 123,415 square feet of positive absorption in northern and central New Jersey, thanks in part to activity in both the Morristown area and the Hudson waterfront.

“Several midsized deals generated positive momentum in the northern New Jersey office market, despite the fact that there were no blockbuster leases to ring in the new year,” Mark Russo, NKF’s research manager in the state, wrote in the report.

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Article from Real Estate NJ
By Joshua Burd

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