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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $30.02
Availability Rate (%) 21.8%
Net Absorption (SF) -420,902

COVID-19 social distancing measures, including business closures, went into effect in New Jersey during the last two weeks of the first quarter of 2020. The associated cancellations of tours and in-person meetings accompanied by stalled corporate decision making has slowed office tenant activity throughout Northern New Jersey. The current statistics, which are based on signed leases and formal listings, do not reflect this late quarter development. Late stage deals have continued to close in March, while no significant availabilities related to the COVID-19 outbreak hit the market during the quarter.


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
1Q20
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New Jersey Industrial Market
4Q19
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The Evolving Superregional Industrial Market
February 2020
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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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