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Big deals keep N.J. office vacancy rate in check, report finds
A handful of new deals with large tenants helped stabilize New Jersey’s office market in the third quarter, staving off a decline as many other large users continue to wait before making new moves of their own, according to a new report from Colliers International.
Office vacancy in northern and central New Jersey held steady in the quarter, thanks in large part to Danish pharmaceutical company Novo Nordisk, which committed to the 770,000-square-foot former Merrill Lynch facility in Plainsboro, the report said. Matt Dolly, head of research for the New Jersey region of the real estate services firm, said the move comes as other companies cope with the lack of modern class A office space, which leads them to pursue build-to-suit options and “extend(s) their search time in the market.” (Burd, NJBIZ)
