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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $28.41
Availability Rate (%) 23.2%
Net Absorption (SF) -357,134

The Northern New Jersey office market recorded 1.2 million square feet of negative net absorption during 2017, which is the lowest for any calendar year since 2009. A lack of large transactions, combined with corporate consolidations, caused availability to increase from 22.5% to 23.2% over the past 12 months. Despite high availability, the market boasts some bright spots, including steady leasing activity of small/mid-size spaces, suburban downtown assets trading for record pricing and strong tenant interest in Newark and the Roche redevelopment project in Nutley.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $7.81
Vacancy Rate (%) 4.8%
Net Absorption (SF) 6,146,580

Record new construction is being met with robust demand in the Northern New Jersey industrial market. During 2017, 8.6 million square feet of industrial product was completed, which is more than the market has witnessed in over 10 years. New supply was outpaced by 11.8 million square feet of annual net absorption, causing vacancy to decline to 4.8% from 5.4% one year ago. Vacancy is now less than half of its peak level of 10.3% seen in 2010. For big-box warehouses larger than 500,000 square feet and built since 2000, vacancy is currently 0%. Asking rents are skyrocketing, growing by 14.3% over the past year to $7.81/SF. Tenant demand is strong, and there were 12 leases over 100,000 square feet signed during the fourth quarter of 2017, totaling 3.7 million square feet.



New Jersey Office Market
4Q17
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New Jersey Industrial Market
4Q17
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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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