New Jersey Office Market
| Average Asking Rent (Price/SF) | $30.15 |
| Availability Rate (%) | 26.3% |
| Net Absorption (SF) | -137,151 |
Tenant leasing activity in the Northern New Jersey office market was steady throughout the first quarter of 2022. The availability rate showed little change, remaining at 26.3% for the past nine months. Asking rents remained stable, increasing by 1.0% to $30.15/SF over the past year, while landlords continue to lure tenants with expanded concession packages. On March 7th, New Jersey’s public health emergency was officially lifted, which is expected to coincide with a gradual return to the office; however, many employers will retain adopted remote and hybrid work strategies, delaying a full recovery.
New Jersey Industrial Market
| Average Asking Rent (Price/SF) | $12.18 |
| Vacancy Rate (%) | 2.9% |
| Net Absorption (SF) | 2,988,511 |
Continued tenant demand and constraints to supply resulted in another strong quarter for the Northern New Jersey industrial market. All submarkets were well-represented in recent leasing activity, which increased from prior quarters, causing vacancy to decline from 3.1% to 2.9% over the past three months. Landlord-friendly conditions caused the average asking rent to soar by 22.9% to $12.18/SF over the past year, the highest annual increase on record.
Download New Jersey Industrial Market 1Q22 Download The Path Forward For The NJ Office Market April 2020 Download The Superregional Industrial Market 2021