Southern New Jersey Market Reports

Southern New Jersey Office Market

Southern New Jersey avoided the summer slowdown experienced in other Greater Philadelphia markets as it posted its best quarter in the COVID-19 era. New leases and industrial conversions drove the positive absorption. Many deals inked in the third quarter were relocations of existing tenants; however, multiple groups took advantage of historically low asking rates and elevated landlord concessions to relocate to higher-quality spaces. Companies continue to upgrade their physical footprints to entice employees back to the office. In part because of a weakening macroeconomic environment, employers were more successful with workers returning to the office during the third quarter. Stubborn inflation and an uptick in unemployment gave companies some bargaining power in this matter.