- New Jersey office leasing activity rose year-over-year by 3.01%, a 300k sf increase that brought the year-end total to 10.1 msf. This total falls just below the 10-year annual average, a sign of relative stability in an otherwise turbulent office market.
- An increasing number of companies implemented return-to-office policies in 2024 and an even larger number, including the federal government, are set to do so in 2025.
- The flight-to-quality trend continued, as tenants prioritized modern, amenity-rich office spaces particularly in transit hubs such as Morristown & Summit.
- Despite this, the office market will continue to face ongoing challenges, including the lingering impact of remote work and businesses opting for smaller, albeit higher quality, footprints.