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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $29.10
Availability Rate (%) 23.2%
Net Absorption (SF) -65,557

The Northern New Jersey office market experienced a surge in leasing activity during the second quarter of 2018 with more than 2.0 million square feet of commitments. Despite heightened leasing velocity, availability remained unchanged at 23.2% as a result of several large space dispositions and lease expirations.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $8.29
Vacancy Rate (%) 4.4%
Net Absorption (SF) 6,002,050

Conditions in the Northern New Jersey industrial market continue to favor landlords despite a spike in new deliveries. Vacancy dropped 40 basis points to reach 4.4% during the second quarter of 2018, as demand outpaced new supply. Robust tenant demand for modern big box space drove net absorption of 6.0 million square feet and 18.0 million square feet over the past quarter and year, respectively. The second quarter saw 3.5 million square feet in new completions, while 7.1 million square feet is in the construction pipeline. Competition for limited available space is propelling rents higher, and the average asking rent in Northern New Jersey climbed 13.1% over the past 12 months.



New Jersey Office Market
2Q18
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New Jersey Industrial Market
2Q18
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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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