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Southern New Jersey Market Reports

Southern New Jersey Office Market

Average Asking Rent (Price/SF) $20.63
Vacancy Rate (%) 17.3%
Net Absorption (SF) 46,220

In the second quarter of 2019, the 394,164-square-foot Triad1828 Centre delivered in Camden's waterfront, closing the years-long chapter on office development driven by large state-sponsored tax incentives. The completed office tower, the largest building by rentable square feet in the city of Camden, is the new headquarters of The Michaels Organization, Conner Strong & Buckelew, and NFI. The latter of the three companies occupied approximately 91,000 SF in the building upon delivery, with the others to follow in third-quarter 2019. NFI's move from space in Voorhees to Camden yielded net positive absorption that helped the Southern New Jersey office market realize 46,220 SF of net absorption in 2Q19. Despite the positive figure, the vacancy rate grew to 17.3%, inclusive of the vacant space yet to be occupied at Triad1828 Centre. The vacancy rate will taper in the second half of the year as The Michaels Organization and Conner Strong & Buckelew occupy the new HQ. Conner Strong's former space at 40 Lake Center Drive is set to be backfilled by Freedom Mortgage, the building's owner.

Southern New Jersey Office Market Report
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