CBRE New Jersey - Q4 2011 Office MarketView
At the close of 2011, tenant activity in the New Jersey office market further emphasized the recurring trend of “flight to quality”. 23.6% of the annual leasing velocity of 7.26 million sq. ft. committed to new, state-of-the-art properties, was through pre-leasing of office buildings to be constructed and redevelopment projects such as Novo Nordisk in Plainsboro and Realogy in Madison. In addition, 72.6% of the overall leasing velocity occurred in Class A properties in 2011, as did 22 of the year’s top 25 transactions.