Southern New Jersey Office Market
Absorption in the fourth quarter of 2023 was 16,274 square feet, and annual absorption for 2023 was -134,701 square feet. Occupancy losses in 2023 were most pronounced in the Cherry Hill and Marlton submarkets. There remains a stark contrast in performance between Class A and B properties in Southern New Jersey. At the end of 2023, the Class A vacancy rate was 14.7%, 570 basis points lower than the Class B vacancy rate. There was little quarter-over-quarter change in the market’s average asking rate in the fourth quarter of 2023. The $21.84/SF rate was only $0.04/SF higher than the previous quarter.
Download Southern New Jersey Office Market Report 4Q23