Southern New Jersey Office Market
In the first quarter of 2025, the market experienced a 40-basis-point quarterly increase in occupancy, clocking in at 85.1%. Overall absorption was 21,172 square feet. Voorhees/Gibbsboro and Pennsauken/Camden were the submarkets that absorbed the most space this quarter, totaling 73,253 SF and 71,732 SF, respectively. Southern New Jersey’s average asking rate reached a record high of $21.62/SF in the fourth quarter of 2023 and has stayed close to this peak at $21.43/SF in the first quarter of 2025. Rents saw an unusually high quarterly growth rate of an average of 210 basis points between the third quarter of 2022 and the second quarter of 2023. Since then, rents have remained relatively stable, moving by an average of 60 basis points quarter-over-quarter, reflecting consistent expectations for asking rates in the Southern New Jersey office market. At the end of the first quarter, total tenant demand, measured by the total square feet of space that tenants in the market are looking for, was 1.7%, unchanged from the previous quarter.
Download Southern New Jersey Office Market Report 1Q25