From the Star Ledger:
Office leading deals in the first quarter in New Jersey has dropped to its lowest level in nearly a decade, the Wall Street Journal reported.
The first quarter showed the state’s office leasing market posted 1.75 million square feet of lease deals — both new and renewed, according to real estate services firm JLL, the Wall Street Journal reported.
Vacancy rates in New Jersey increased to 24.9 percent, growing 0.3 percentage points from the first quarter of 2016.
Newer buildings and those with high-end upgrades located in commuter-friendly areas have done better at securing new tenants, the report said. But older buildings continue to drag down the market, the report said.
Vacancy rates are likely to improve as more empty spaces are being redeveloped, turning aging B- and C-class buildings and business parks into modern properties with more amenities, the report said.