Leasing softened in Q4, but overall activity in 2024 was healthy

Northern New Jersey closed the year with 1.5 million square feet (msf) leased in Q4 2024, as a lack of large deals caused leasing activity to decrease over the quarter and year, 43.0% and 36.7%, respectively. Despite the slowdown in the fourth quarter, demand for full year 2024 was healthy, totaling 7.7 msf, 3.1% lower than 2023, but above the 7.5-msf five-year annual average. Kessler Rehabilitation’s 123,000-square-foot (sf) lease at Harborside 6 in Jersey City marked the largest deal of the quarter and was the only transaction to exceed 100,000 sf, compared to four such leases in Q3. Englewood Health signed the second largest lease of the quarter, bolstering the Healthcare sector to account for 23.0% of activity, followed by Financial Services & Insurance (11.2%) and Legal Services (11.0%).

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