Leasing concentrated in Class A assets as occupiers seek modern, amenitized space
Leasing activity in the Northern New Jersey office market reached 1.9 million square feet (msf) in Q1 2025, marking a 27.3% increase from a muted Q4 2024 but a 4.4% decline from one year ago. Demand for premier space continue to dominate and Class A assets accounted for 87.4% of all Q1 leasing volume. Notable leases include Aegis Capital Holdings’ 55,088-square-foot (sf) commitment at 30 Hudson Street in Jersey City and Acrisure’s 44,793-sf lease at 3 Sylvan Way in Parsippany. Three key industries—financial services (37.5%), technology, advertising, media & information (TAMI, 12.6%), and retail & luxury goods (12.1%)—drove 62.6% of leasing volume. Of note, the largest deals in the financial and retail sectors were renewals. BlackRock renewed 175,909 sf at 1 University Square Drive in Princeton, while Tapestry extended 105,527 sf at 5901 West Side Avenue in North Bergen. Audible signed the largest TAMI lease of the quarter at 33 Washington Street in Newark.