Strongest leasing in two years drives availability to lowest level since 2010
Northern New Jersey recorded 2.3 million square feet (msf) of office leasing in Q3 2026, the highest level of activity since Q3 2024 and 23.4% higher than the five-year quarterly average of 1.9 msf. The Waterfront submarket accounted for 32.7% of market leasing activity this quarter, as Collectors Universe signed the largest deal of Q3 2026, a 260,000-square-foot (sf) renewal and expansion at 210 Hudson Street (Harborside 3), while Fidelity signed a 139,060-sf expansion at 499 Washington Boulevard. The 90,000-sf lease signed by the US Army Corps of Engineers was also notable as it represents a relocation from Lower Manhattan to the Hudson Waterfront with cost savings noted as an explicit goal of the relocation. As Manhattan's office market tightens and rents rise, the Waterfront may become a more serious consideration for occupiers. Seven of the market's top 10 leases this quarter were renewals, expansions or a combination of both, highlighting landlords' continued efforts to retain quality tenants.