New Jersey Office Market
| Average Asking Rent (Price/SF) | $30.01 |
| Availability Rate (%) | 26.4% |
| Net Absorption (SF) | -804,639 |
Tenant activity is steadily picking up in the Northern New Jersey office market as companies reopen workplaces following the lifting of COVID-19 restrictions in June. While the demand outlook is improving, current conditions continue to favor tenants with availability at a record-high of 26.4%, up 50 basis points from last quarter. The market recorded its sixth consecutive quarter of negative net absorption as more than 900,000 square feet of new sublease space became available over the past three months. Asking rents remain stable averaging $30.01/SF, but many landlords are offering tenants increased concession packages.
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New Jersey Industrial Market
| Average Asking Rent (Price/SF) | $10.27 |
| Vacancy Rate (%) | 3.8% |
| Net Absorption (SF) | 3,234,514 |
Northern New Jersey industrial market fundamentals improved in all categories during the second quarter of 2021. New leasing caused vacancy to decrease to an all-time low of 3.8%, while competition for remaining big-box distribution space pushed the average asking rent to an all-time high of $10.27/SF, up 11.4% from one year ago. The market recorded 3.2 million square feet of positive net absorption as tenants moved into new deliveries. Developers are responding to robust tenant demand with a wave of new supply; the construction pipeline increased from 8.4 million to 14.2 million square feet over the past three months.
Download New Jersey Industrial Market 2Q21 Download The Path Forward For The NJ Office Market April 2020 Download The Superregional Industrial Market 2021