6B — July 13 - 26, 2012 — New Jersey — Mid Atlantic Real Estate Journal



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Activity in Central New Jersey CBRE: Parkway Corridor ranks first in office leasing S

ADDLE BROOK, NJ — The Parkway Corri- dor ranks number one in office leasing activity in Cen- tral New Jersey and second in the entire state, according to a report by CBRE Group, Inc. The 9.4M s/f Parkway Cor- ridor market, which stretches from Route 78 down to Route 287 along the Garden State Parkway has seen its largest first-quarter leasing velocity since 2006 and is recovering at a rate significantly faster than the market as a whole. The submarket, which in- cludes Union, Kenilworth, Cranford, Clark, Iselin, Wood-

August 17 - Central NJ Featuring Trenton and Surrounding Areas.

Contact: Michael Campisi mcampisi@marejournal.com 800.584.1062 x208

MetroPark in Iselin

bridge, and Edison, has shed 4.29 percentage points since the third quarter of 2009, while New Jersey’s overall

availability rate dropped less than one percentage point dur- ing that same span. “Much of the activity in the submarket is in class A build- ings, following the ‘flight-to- quality’ trend,” said Jeremy Neuer, senior vice president, CBRE. “However there is also a ‘flight-to-quality-loca- tion- trend going on. Since the beginning of 2011, more than seventy-five percent of the activity in the Parkway Cor- ridor submarket occurred in MetroPark.” Further evidence of the market’s health is the asking rents, added Neuer. The aver- age asking rents in the sub- market currently sit at $26.85 psf, 10.2 percent higher than New Jersey’s average asking rent of $24.37 psf. The class A rents in the Parkway Cor- ridor are at $31.39 per s/f, a 17-percent premium above the state’s class A rents. Recently, MetroTop II, MetroPark’s new- est class A building, raised its asking rate to $38.00 psf, the highest in the submarket. “MetroPark has regained its luster as one of the topmarkets in New Jersey,” said Neuer. “Given the steady influx of activity over the last twelve months, new construction and renovated buildings have led the charge with over 500,000 s/f of positive absorption in the three million s/f micro market.” Recent notable deals in- clude: • Ansell’s lease of 59,000 s/f at MetroTop II in a relocation from Red Bank •McDonald’s 20,000 s/f lease in the same building in a relo- cation from Roseland • Investors Savings’ 40,000 s/f lease at 101 Wood Avenue South • Hampshire has also com- menced leasing at Centra, filling the first floor with Net- work Applications and 1-800- Doctors. ■

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