New Jersey office leasing ‘constrained’ in Q3 as large-block users hit pause, reports say – Real Estate NJ

New Jersey office leasing ‘constrained’ in Q3 as large-block users hit pause, reports say – Real Estate NJ

100 Plaza Drive in Secaucus By Joshua Burd The northern and central New Jersey office market cooled in the third quarter, with muted leasing volume and most deals taking place in spaces smaller than 50,000 square feet. According to CBRE, the lack of large-block transactions was a key factor in the market recording just 702,000 square feet of new tenant commitments in Q3, down 34 percent from the prior quarter and 40 percent below the five-year q…