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Southern New Jersey Market Reports

Southern New Jersey Office Market

Average Asking Rent (Price/SF) $20.71
Vacancy Rate (%) 16.3%
Net Absorption (SF) 236,253

The Southern New Jersey office market kicked off the third quarter of 2019 with the balance of space at Camden's newest office tower, Triad1828, occupied by The Michaels Organization and Connor Strong & Bucklew, following NFI's occupancy upon its delivery in June. These move-ins mark the end of the "Camden Effect", referring to the trend of large occupiers in the Southern New Jersey suburban submarkets relocating to Camden to pursue large tax incentives; the Grow New Jersey program that provided such incentives expired in June. Vacancy in the Pennsauken/Camden submarket is now 8.4%, falling below 10.0% for the first time since 2011, and is the lowest vacancy rate of any submarket in the region. As a result of this tightness-and the end of the tax incentives -prospects in the market for large blocks of space are shifting focus to availabilities in the suburban submarkets. Significant strides have been made in filling the space left behind by tenants that relocated to Camden, though opportunities do remain, including 64,190 SF at 3 Stow Road, formerly occupied by The Michaels Organization, and 21,026 SF at 220 Laurel Road, formerly occupied by NFI.

Southern New Jersey Office Market Report
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