Leasing volume steady, driven by demand for Class A assets
Northern New Jersey’s office market posted a stable second quarter, with leasing volume reaching 1.6 million square feet—a 2.0% increase from one year ago. First-half activity totaled 3.5 million square feet (msf), nearly matching the 3.6 msf recorded during the first half of 2024. Leasing demand remains focused on Class A buildings, particularly those offering modern amenities and locations that support workplace strategies prioritizing employee experience and talent retention. This bifurcation continues to widen the gap between high-performing, upgraded assets and older buildings with limited reinvestment. A standout example this quarter: Legend Biotech’s 57,325-square-foot (sf) lease at 77 Corporate Drive in Bridgewater, which the company plans to convert from office to lab space. This deal highlights the growing trend of creatively repositioning office assets to support alternative uses—especially those aligned with Northern New Jersey’s expanding life sciences sector.