Southern New Jersey Office Market
| Average Asking Rent (Price/SF) | $20.65 |
| Vacancy Rate (%) | 17.6% |
| Net Absorption (SF) | -235,208 |
The first quarter of 2021 marks a year since most office tenants across the nation pivoted to remote-work strategies due to the COVID-19 pandemic. Vaccine distribution has accelerated since the start of the year, yet the health threat persists and occupancy of leased office space in the Southern New Jersey office market remains low. However, with light at the end of the tunnel, large occupiers are considering when to bring employees back to the office and how much space might be needed to accommodate them. As these decisions are made, net absorption data shows some occupiers are coming down on the side of needing less overall office space.
Download Southern New Jersey Office Market Report 1Q21