Office Demand in Northern New Jersey on Pace for Worst Year Ever

Demand for office space in Northern New Jersey continues to crater, and the latest CoStar forecast models reveal 2023 may set an annual record for negative absorption, which measures the net change between move-ins and move-outs. Regardless of where the absorption tally ultimately settles at year-end, the Northern New Jersey metropolitan area is all but certain to find itself near the top of regions nationally where occupiers are giving space back at a torrid clip.