Leasing holds steady while deal sizes skew smaller
Northern New Jersey recorded 1.3 million square feet (msf) of leasing in Q4 2025, matching the prior quarter and bringing 2025 total leasing to 6.2 msf, down from 7.7 msf in 2024. Recent quarters have shown softer volume versus last year, but the Q4 mix of demand was diverse. Despite a lack of large transactions, overall activity held steady, indicating demand is being carried by a healthy base of small-to-mid-sized transactions. Tenant behavior rewards well-executed buildings and locations, while larger commitments remain more sporadic in the current decision-making environment.