Number of Tenants Looking for NJ Office Space Up 16 Percent Year-Over-Year, According to CBRE Group Inc.
SADDLE BROOK, N.J. (June 5, 2013) – The number of tenants touring the New Jersey office market for space is up more than 16 percent compared to 2012, according to data released by CBRE Group Inc., New Jersey’s largest commercial real estate brokerage firm. These prospective tenants require a combined six million square feet — a 22.6 percent increase from 2012.
“These numbers are an encouraging indicator that New Jersey’s economic climate is improving due to the State’s continuous focus on business attraction and retention through incentives,” said Jeff Hipschman, senior managing director of CBRE’s New Jersey office. “With access to New Jersey’s research facilities and its highly-educated and skilled workforce, more companies are maintaining a presence here, while others are looking to establish their first footprint in the market. The improving economic conditions and a continued drop in the state’s unemployment rate, which is at its lowest level in four years, bodes well for future demand.”
Submarkets that are drawing the most tenants include Princeton, with 27; Suburban Essex/Eastern Morris, with 22; Parsippany, with 21, and the Route 287/78 Interchange, with 20.
Of the six million sq. ft. being considered by tenants in the market, the Suburban Essex/Eastern Morris and Waterfront submarkets have the greatest availability requirements, while tightening submarkets include Chatham/Millburn/Short Hills, Western Route 78, Montvale/Woodcliff Lake, the Route 17 Corridor, Suburban Essex/Eastern Morris and Princeton.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.