Leasing holds steady as renewals anchor activity
Northern New Jersey recorded 1.4 million square feet (msf) of office leasing in Q2 2026, matching Q1 and 21.9% below the five-year quarterly average of 1.9 msf. Volume has now trailed the five-year average for five consecutive quarters, reflecting selective demand and few large transactions. Seven of the quarter’s 10 largest leases were renewals, some with expansion components, led by Englewood Health’s 203,000-square-foot (sf) transaction at 910-940 Sylvan Avenue and ACE American Insurance’s 117,280-sf renewal at 10 Exchange Place. All ten occurred in Class A buildings. The two largest new leases—Withum’s 42,577-sf lease at 101 Crawfords Corner Road and the New York Jets’ 28,400-sf lease at 5 Giralda Farms—were plug-and-play subleases, underscoring demand for move-in-ready space and lower upfront costs.