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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $29.22
Availability Rate (%) 22.7%
Net Absorption (SF) 47,908

Over the past four quarters, healthy demand for office space across Northern New Jersey helped generate positive momentum. The market recorded nearly 1.0 million square feet of positive net absorption during 2018, reversing losses from the previous two years. Availability fell 80 basis points over the past 12 months to 22.7%, which is below the five-year historical average of 23.2%. During fourth-quarter 2018, availability was relatively stable as new leasing activity offset major blocks of space hitting the market.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $8.33
Vacancy Rate (%) 4.3%
Net Absorption (SF) 2,856,132

The Northern New Jersey industrial market maintained its positive momentum through 2018, capping off the year with a fourth straight quarter of absorption exceeding 2.0 million square feet. A total of 16.2 million square feet of net absorption in 2018 brought vacancy down from 5.0% to 4.3%. The average asking rent in Northern New Jersey rose 4.1% over the past year and 22.0% over the past two years. Limited availability for big-box warehouses is making it difficult for larger tenants to find space. Nevertheless, leasing activity remained strong as a result of a surge in midsized deals for less than 400,000 square feet.



New Jersey Office Market
4Q18
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New Jersey Industrial Market
4Q18
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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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