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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $29.65
Availability Rate (%) 21.8%
Net Absorption (SF) 279,299

Three new leases exceeding 100,000 square feet created positive momentum in the Northern New Jersey office market during the third quarter of 2019, offsetting some significant space dispositions. Net absorption totaled 279,299 square feet, while availability declined by 30 basis points to 21.8%-its lowest level in more than a decade. Rental rates held stable with a slight increase in the average asking rent over the past 12 months, from $29.42/SF to $29.65/SF.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $9.04
Vacancy Rate (%) 4.6%
Net Absorption (SF)  2,550,509

The Northern New Jersey industrial market saw continued demand for big-box development sites over the past three months, which coincided with strong fundamentals. Three new leases greater than 600,000 square feet were signed during the third quarter of 2019, contributing to 5.8 million square feet of leasing activity. Tenants moving into pre-leased developments bolstered net absorption, which amounted to 2.6 million square feet, causing vacancy to fall from 4.8% to 4.6%. The average asking rent rose by 5.7% to $9.04/SF over the past year and will continue to climb as competition for limited space persists.



New Jersey Office Market
3Q19
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New Jersey Industrial Market
3Q19
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4Q18
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September 2017
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Pruning The Office Market
March 2017
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