EAST RUTHERFORD, N.J.-- Commercial real estate firm Cushman & Wakefield has reported a healthy third quarter for office buildings.
“Tenant demand remains brisk, and our region posted its third straight positive quarter as the vacancies went down to 19 percent, – its lowest mark in three years,” said Jason Price, research director for the tri-state suburbs.
However, he said, the figures vary by location.
Pharmaceutical and financial services led the demand with action concentrated in Parsippany, the Interstate 78 corridor and the Hudson waterfront, the company said.
On the other hand, the Hackensack Meadowlands slowed significantly the past three months, the company said.
The office vacancy rate in northern New Jersey is 20.5 percent, as large blocks of space became available in Newark and the Meadowlands, the company said.
“Despite some challenges, including some older building stock with large vacant blocks, the New Jersey office market should continue to improve modestly for the foreseeable future as both the national and state economies improve,” Price said.
For a chart of commercial real estate activity, click here .