Market recalibrating amid a leasing slowdown
Office leasing activity in Northern New Jersey dropped to 1.3 million square feet (msf) in Q3 2025—less than half the volume recorded in the same quarter last year and the lowest total since Q4 2020. Despite this slowdown, demand remains focused on top-tier properties. Nine of the 10 largest leases this quarter were signed in Class A buildings, which accounted for 83.5% of all leasing volume. Renewals also played a major role, making up six of the 10 largest deals—including four of the top five. Notable renewals include the NBA in Secaucus, PBF Energy at 1 Sylvan Way in Parsippany, and JCP&L at Bell Works in Holmdel.