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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $28.14
Availability Rate (%) 22.9%
Net Absorption (SF) 91,480

After losing ground for the past two quarters, the Northern New Jersey office market saw a small amount of positive momentum during the second quarter of 2017. Availability declined slightly, from 23.0% to 22.9%, thanks to 91,480 square feet of net absorption, while the average asking rent ticked upward from $27.95/SF to $28.14/SF. The construction pipeline grew from 359,000 square feet to 769,929 square feet.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $7.52
Availability Rate (%) 7.7%
Net Absorption (SF) 683,547

The Northern New Jersey industrial market saw slower leasing activity during the second quarter of 2017, as low availability translated into limited options for tenants. Net absorption, which totaled 683,547 square feet, caused availability to inch down 10 basis points to 7.7%. Asking rents continue to climb, increasing from $7.28/SF to $7.53/SF over the quarter. Rents grew an impressive 14.4% from one year ago and 23.5% from three years ago. Development activity is ramping up, with the current under-construction pipeline totaling 12.2 million square feet compared with 5.2 million square feet one year ago.



New Jersey Office Market
2Q17
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New Jersey Industrial Market
2Q17
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Beyond Suburban Downtowns
September 2017
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Pruning The Office Market
March 2017
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Shifting Trends In Response To The Aging New Jersey Office Market
Jan 2016
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