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Southern New Jersey Market Reports

Southern New Jersey Office Market

Average Asking Rent (Price/SF) $20.78
Vacancy Rate (%) 16.1%
Net Absorption (SF)  28,274

The Southern New Jersey office market wrapped up the fourth quarter of 2019 with positive net absorption of 28,274 square feet. This quarter's occupancy gains, paired with the occupancy of Camden's newest office tower Triad1828 earlier in the year, helped drive overall annual absorption to an astounding 327,475 square feet, the largest annual volume in this economic cycle to date. Overall vacancy dropped 20 basis points from the previous quarter to 16.1%. With an historically low vacancy rate of 8.4%, available space in Camden/Pennsauken, the region's tightest submarket, is difficult to come by, especially following Cooper University Health Care's purchase of the 102,000-square-foot office building at 101 Haddon Avenue from the state of New Jersey this quarter. Cooper will expand its footprint and occupy the space vacated by multiple state social service offices, in effect removing another sizable chunk of space from the market.



Southern New Jersey Office Market Report
4Q19
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