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Onyx says office market fueled first-half real estate leasing

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Onyx Equities reported recently that it had completed 76 leases during the first half of 2014, totaling nearly 400,000 square feet of space.

Onyx, a real estate investment, management and development firm based in Woodbridge, said in a news release Tuesday that new leases accounted for 213,000 square feet of its total activity through June. The company said rental rates increased 10 percent to 15 percent on average over the year before.

The company attributed its success to commercial leasing activity, with an emphasis on small to mid-sized companies. Onyx said its office portfolio accounted for 243,000 square feet of activity during the first six months of the year, while retail space accounted for 107,000 square feet and industrial space accounted for 40,000 square feet.

“As the economy continues to improve and small and mid-sized businesses look to expand, we are strongly positioned to capitalize on growing demand for prime commercial space, as well as a flight to quality in the market,” Adam Karafiol, senior vice president of leasing for Onyx Equities, said in the release.

Some of Onyx’s larger leases from the first half of the year included:

  • 39,200 square feet, Sony Music, Rutherford
  • 18,768 square feet, Berkeley Insurance, Rutherford
  • 17,547 square feet, Artech Technologies, Morris Township
  • 9,500 square feet, PNC Wealth Management, Ridgewood

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Eric Strauss

Eric Strauss

Eric Strauss is the digital content editor for NJBIZ. He has been a reporter and editor for newspapers in New Jersey and Pennsylvania, as well as for a number of websites. You can contact him at erics@njbiz.com or @acerimrat on Twitter.

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