SADDLE BROOK, NJ—According to a report released by CBRE Group Inc., the number of tenants looking for office space is up more than 16 percent since 2012. In addition, prospective tenants are upping the amount of space for which they are looking year-over-year, for a combined 6 million sq. ft., 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.”
CBRE also indicates that the submarkets drawing the most tenants include Princeton, Suburban Essex/Eastern Morris, Parsippany and the Route 287/78 Interchange.