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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $29.17
Availability Rate (%) 22.8%
Net Absorption (SF) 869,502

Several blockbuster leases were executed this summer in the Northern New Jersey office market, which brought net absorption for the third quarter of 2018 to a robust 869,502 square feet. This marks the highest quarterly net absorption the market has seen in two years and exceeds its five-year quarterly average of 135,020 square feet. State incentives continue to drive the market's largest deals. These are typically landing at newly renovated assets, as the flight-to-quality trend persists.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $8.43
Vacancy Rate (%) 4.5%
Net Absorption (SF) 2,386,987

Rising demand from e-commerce, overall economic strength and limited supply are combining to propel rents to new highs. Over the past two years, the average asking rent in Northern New Jersey increased by 27.9% to $8.43/SF. Vacancy remained unchanged after dropping to a cyclical low of 4.5% in the second quarter of 2018. Despite a few notable large blocks of space becoming vacant, net absorption totaled nearly 2.4 million square feet, as tenants moved into pre-leased developments.



New Jersey Office Market
3Q18
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New Jersey Industrial Market
3Q18
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Upgrades Lead to Leasing
4Q18
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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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