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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $28.60
Availability Rate (%) 23.2%
Net Absorption (SF) 123,415

Several mid-sized deals generated positive momentum in the Northern New Jersey office market, despite the fact that there were no blockbuster leases to ring in the new year. During the first quarter of 2018, net absorption totaled 123,415 square feet, which helped availability to inch down from 23.3% to 23.2%.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $8.25
Vacancy Rate (%) 4.8%
Net Absorption (SF) 3,988,396

The Northern New Jersey industrial market's record run continued unabated in the new year. Nearly 4.0 million square feet of net absorption caused vacancy to drop 20 basis points to 4.8% during the first quarter of 2018, while asking rents have increased by 17.9% over the past 12 months to $8.25/SF. So far this year, 1.5 million square feet of industrial space was completed, while 12.3 million square feet is currently under construction.



New Jersey Office Market
1Q18
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New Jersey Industrial Market
1Q18
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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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