2019-07-12_DTZ戴德梁行_Office_Q3_2018_Central_New_Jersey_2页_430kb

报告摘要

Central New Jersey Office Market Q3 2018 Summary

Core Content

This report provides an overview of the office market in Central New Jersey for the third quarter of 2018, focusing on economic indicators, market performance, key transactions, and future outlook. It is produced by Cushman & Wakefield, a leading global real estate services firm.

Economic Indicators

New Jersey Employment: Increased slightly from 4.1M in Q3 2017 to 4.2M in Q3 2018.
New Jersey Unemployment Rate: Stabilized at 4.2%, slightly higher than the national rate of 3.9%.
Private Sector Employment: Showed consistent growth for eight consecutive months, up 1.7% year-over-year.
Office-Using Industries: Experienced a nominal 0.9% increase in employment, led by professional and business services.

Market Overview

Overall Vacancy Rate: Remained at 16.7%, with some submarkets showing improvement.
Class A Vacancy: Declined in Monmouth County by 230 basis points to 9.3%, while other submarkets saw stable or increasing vacancy rates.
Direct Absorption: Flat for the quarter, with Class B gains offsetting Class A losses.
Net Absorption (YTD): Overall net absorption was -179,922 sf, slightly better than the previous year.
Leasing Activity: Healthy with a wide range of industries active, including pharmaceutical/life sciences and insurance.
Average Asking Rent: Rose to $26.57 psf, with Class A assets commanding higher rents, particularly in Princeton/Route 1 Corridor, which reached a historic high of $36.90 psf.

Key Submarkets

Submarket	Inventory (SF)	Sublet Vacant (SF)	Direct Vacant (SF)	Vacancy Rate	Net Absorption (SF)	YTD Net Absorption (SF)	Leasing Activity (SF)	Under Construction (SF)	Avg. Asking Rent (All Classes)	Avg. Asking Rent (Class A)
Hunterdon County	1,729,585	231,141	230,166	26.7%	2,000	15,562	9,914	0	$21.48	$20.75
Mercer County	16,617,349	576,065	2,077,490	16.0%	-162,645	-19,474	568,448	97,500	$29.46	$33.00
Middlesex County	23,604,820	330,617	3,971,733	18.2%	13,433	-141,541	910,421	0	$26.31	$28.97
Monmouth County	11,319,932	60,578	996,590	9.3%	51,413	123,431	199,430	0	$25.76	$31.78
Somerset County	19,524,364	599,323	3,343,371	20.2%	-218,749	-263,487	529,061	0	$24.65	$26.37
Union County	8,306,256	132,312	988,431	13.5%	123,658	105,587	322,085	0	$27.08	$29.62
Central NJ Totals	81,102,306	1,930,036	11,607,781	16.7%	-190,890	-179,922	2,539,359	97,500	$26.57	$29.45

Key Lease Transactions Q3 2018

100 Connell Drive, Berkeley Heights: AIG renewed for 241,182 sf in the I-78 Corridor.
700 Route 202/206, Bridgewater: Insmed Inc. signed a new lease for 117,022 sf in the I-78 Corridor.
100 Overlook Center, West Windsor: The Trustees of Princeton University signed a new lease for 67,008 sf in the Princeton-Rt. 1 Corridor.
379 Thornall Street, Edison: New York Life Insurance signed a renewal and expansion for 48,656 sf in the Woodbridge/Edison Corridor.

Key Sales Transactions Q3 2018

371 Hoes Lane, Piscataway: Sold by CW Capital/Greenway Properties for $5,958,750 ($44 psf) in the Upper 287 Corridor.
100 Mataban Road, Old Bridge: Sold by Palatine Capital Partners/Signature Acquisitions for $19,750,000 ($154 psf) in The Brunswicks.
600 Horizon Center Drive, Hamilton Township: Sold by Mack-Cali Realty/Sam One Realty for $2,375,000 ($25 psf) in the Princeton-Rt. 1 Corridor.
Portfolio: 215 & 235 Birchwood Avenue, Cranford: Sold by Township of Cranford/Garden Homes for $18,500,000 ($367 psf) in Clark & Cranford.

Outlook

Occupancy Stability: Expected to remain stable in the final months of 2018.
Future Vacancies: Large vacancies are anticipated in 2019, particularly in the Princeton/Route 1 and I-78 Corridors.
Touring Activity: Strong among tenants seeking over 30,000 sf, indicating healthy demand for the first half of 2019.
Market Resilience: Despite challenges, the market shows signs of resilience with continued demand for high-quality Class A space.