Availability tightens, even as leasing velocity slows
Availability in the Northern New Jersey Market ended the second quarter at 22.9%, a 370-basis-point decrease year over year. Demand in existing product is strong, as Class B and C space contributed greatly to the decline. Availability for Class B and C product declined 710 basis points over the same period, now at 17.5%. In the largest lease of the quarter, biotechnology company Genmab committed to 90,000 square feet (sf) at 777 Scudders Mill Road, in Princeton. It was the only lease greater than 50,000 sf to be signed in the quarter. With fewer large transactions, quarterly activity dropped to 1.4 million square feet, the lowest level seen in the past five quarters.