Southern New Jersey Office Market
| Average Asking Rent (Price/SF) | $18.94 |
| Vacancy Rate (%) | 18.2% |
| Net Absorption (SF) | -101,987 |
COVID-19 vaccine distribution accelerated during the first half of 2021, and mask restrictions were lifted. However employers in Southern New Jersey have not made final decisions of when to bring employees back to the office full-time and remote-work strategies remain in place for the most part. As a result, space occupancy remains down throughout the market. Available sublease space increased during the second quarter to 952,905 square feet (SF) available, a 29.0% increase from a year ago.
Download Southern New Jersey Office Market Report 2Q21