Transit Hub Perspective Summer 2018 | Page 13

11 13 Despite the higher vacancy rate, the Metropark submarket is well positioned to maintain its status as Central New Jersey’s preeminent office marketplace. The close proximity to highways and public transportation, as well as nearby amenities, differentiate it from surrounding competitive markets and will keep this market on the radar screen of office occupiers. Net new supply, net absorption and total vacancy Net new supply Class A office market was Mizuho Bank’s leasing of 30,830 square feet at 101 Wood Avenue South in Iselin, while Tumi absorbed 25,000 square feet at 499 Thornall Street in Edison. Meanwhile, the Metropark average asking Class A rental rate trended higher and was above $35.00 per square foot at year-end 2017, which represented a nearly $0.60 increase from one year ago. This submarket maintained the highest Class A rental rate in the Central New Jersey office market. Net absorption total vacancy 25.0% 70,000 60,000 20.0% 50,000 40,000 15.0% 30,000 10.0% 20,000 10,000 5.0% 0 0.0% -10,000 2013 2014 2015 2016 2017