Resource Realty of Northern New Jersey (RRNNJ) announced the completion of five new lease agreements, comprising two office leases and three industrial leases, across Morris and Essex counties. These transactions, which include both owner and tenant representation, are seen as a strong indicator of economic vitality in the region.
According to Greg Sabato, a principal at RRNNJ, this activity signifies that businesses are actively seeking to expand their physical footprint to serve more customers, which is a more powerful sign of market strength than simple relocations.
The office leases include a 2,384-square-foot expansion for Carroll Physical Therapy in Mountain Lakes, and a 4,000-square-foot sublease for a national security company in Morristown. Brian Wilson, another RRNNJ Principal, noted that these deals “are a clear indicator of the healthy and dynamic commercial real estate environment in Northern New Jersey.”
In the industrial sector, RRNNJ completed three leases, two of which were for property owners. The deals include a 19,654-square-foot warehouse lease in Rockaway, a 9,000-square-foot industrial lease in Whippany, and a 15,334-square-foot industrial lease in Cedar Grove. Principal Scott Peck emphasized the market’s “versatility and broad appeal,” noting that it supports a diverse range of companies.
