Optimism continues to be on the horizon for the office market
The Northern New Jersey office sector saw strong leasing, investment and development activity in 2019. Much of the sector’s leasing velocity was driven by corporations seeking to update their office facilities to enhance their recruitment and retainment of employees. The ‘flight to quality' and ‘right-sizing’ saw us announcing new lease commitments, both large and small, throughout the year. Although users included a wide range of businesses, the bulk came from our traditional FIRE sector (finance, insurance and real estate). In addition, we had a vast amount of activity and expansion from the medical sector including local, regional and national healthcare providers and specifically hospitals, that are bringing more services in-house to provide a one-stop service provider platform.