Southern New Jersey Office Market
| Average Asking Rent (Price/SF) | $18.99 |
| Vacancy Rate (%) | 18.7% |
| Net Absorption (SF) | 71,221 |
The Southern New Jersey office market ended the first quarter of 2022 with positive developments. The Omicron variant, which negatively impacted improving market conditions in the fourth quarter of last year, began to loosen its grip in the first quarter of 2022 and positive momentum was noted. With the pandemic waning, employers are beginning to implement onboarding strategies, thus employees are returning to the office in greater numbers. The market still faces considerable headwinds; large amounts of available sublease space and high direct vacancy linger from previous quarters.