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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $29.83
Availability Rate (%) 21.8%
Net Absorption (SF)  -12,147

The Northern New Jersey office market ended the year with stable conditions as availability declined slightly from 21.9% to 21.8% during the fourth quarter. Over the past 12 months, more than 600,000 square feet in net absorption was recorded while availability reduced by 60 basis points. The average asking rent continues to rise slowly, increasing by 1.4% over the past year, though some submarkets are seeing stronger growth. Meanwhile, the total inventory shrank by 1.0 million square feet in 2019 as obsolete buildings are getting torn down and removed from statistics.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $9.18
Vacancy Rate (%) 4.1%
Net Absorption (SF) 2,185,875

The fourth quarter of 2019 concluded another strong year for the industrial market in Northern New Jersey, as evidenced by all-time-high rents and record-low vacancy amidst enhanced demand from the e-commerce and retail sectors. Vacancy stands at a record low of 4.1% and remains unchanged from the fourth quarter of 2018. As supply dwindles, landlords are raising asking rates, which average $9.18/SF, an increase of 8.8% from one year ago. With little quality space left to lease, the market saw 6.0 million square feet of positive net absorption in 2019, which is down from 16.5 million square feet in 2018.



New Jersey Office Market
4Q19
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New Jersey Industrial Market
4Q19
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Upgrades Lead to Leasing
4Q18
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Beyond Suburban Downtowns
September 2017
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Pruning The Office Market
March 2017
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