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Southern New Jersey Market Reports

Southern New Jersey Office Market

Average Asking Rent (Price/SF) $20.65
Vacancy Rate (%) 15.2%
Net Absorption (SF) 41,719

Office vacancy declined 20 basis points in the third quarter of 2018, falling to 15.2% as leasing velocity remained steady over the summer. Vacancy for the majority of Southern New Jersey submarkets stayed flat or fell. The largest quarterly gains in occupancy were recorded in the Pennsauken/Camden and Marlton submarkets, as vacancy for both dropped 140 basis points to 13.1% and 12.1%, respectively. The only submarkets where vacancy rose were Moorestown and Mount Laurel, with Moorestown's increasing 150 basis points to 11.3% and Mount Laurel's ticking up 40 basis points to 15.8%. In Mount Laurel, AnnieMac downsized from 48,000 to 22,000 square feet at 700 East Gate Drive, while Corporate Synergies Group moved from 30,111 square feet at 5000 Dearborn Circle to 26,767 square feet at 2 Aquarium Drive in Camden.

Southern New Jersey Office Market Report
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