Leasing activity reaches nine-year high fueled by strong activity in the Waterfront submarket

Leasing activity in the Northern New Jersey office market rebounded in Q3 2024, increasing 70.9% and 86.4% over the quarter and year respectively, to 2.7 million square feet (msf) for the highest level since Q3 2015. The quarter's strong activity brings leasing volume through the first three quarters of the year to 6.2 msf, on pace to surpass 8.0 msf recorded in 2023. Activity in the Waterfront submarket captured a record high 34.1% of leasing volume. In the largest deal of the year, JPMorgan Chase signed a 550,000-squarefoot renewal and expansion at 545 Washington Boulevard in Jersey City. Unilever committed to 111 River Street in Hoboken as its new North American headquarters in a 110,0000-square-foot relocation and downsize from Englewood Cliffs. Samsung signed a 321,025- square-foot lease to relocate to Unilever's headquarters at 700 Sylvan Avenue, moving within the East Bergen submarket. Despite strong activity, deals are taking longer to close, where the financial health of building owners has been a limiting factor.

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