Leasing starts 2022 on a strong note, particularly in the Waterfront submarket

Tenants in Northern New Jersey remained active in Q1, despite some lingering uncertainty in the market. The Omicron variant delayed some leasing commitments and return to office plans in the early part of Q1, but the quarter closed with a flurry of large leases along the Waterfront. Overall market leasing volume totaled 2.1 million square feet (msf) in Q1, a 25.0% increase from one year ago, and a higher level than the 1.9-msf pre-pandemic (2015-2019) five-year Q1 average. Waterfront submarket leasing volume totaled 574,111 sf – 27.3% of the market total – highlighted by several major commitments: Lord Abbett’s relocation from 70 Hudson St to 30 Hudson St (178,107 sf), Collectors Universe Inc.’s new location at 210 Hudson St (130,419 sf), and Mitsubishi Tanabe Pharma’s renewal at 525 Washington Street (55,379 sf). Suburban submarkets including East Bergen, I-78, and Monmouth posted lower leasing figures this quarter.

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