Southern New Jersey Office Market
| Average Asking Rent (Price/SF) | $18.90 |
| Vacancy Rate (%) | 19.1% |
| Net Absorption (SF) | 134,169 |
The Southern New Jersey office market finished the calendar year with mostly encouraging results. Despite evolving health and safety concerns, tenants now possess a firmer understanding of their real estate needs. Consequently, we are seeing tenants make longer term new lease and renewal commitments to lock in high quality space at better than pre-COVID rates. Some larger tenants are making plans to hire new employees in 2022 but it is still unclear what affect the Omicron COVID-19 variant will have on efforts to re-board current employees. Some office trends from the third quarter of 2021 remain; landlords are still offering larger concessions than usual and rental rates remain stable.