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Southern New Jersey Market Reports

Southern New Jersey Office Market

Average Asking Rent (Price/SF) $20.86
Vacancy Rate (%) 15.6%
Net Absorption (SF) -33,593

Although the Southern New Jersey office market experienced numerous new occupancies and expansions by regional tenants in the first quarter of 2019, any tenancy gains were offset by the retractions of Baker Tilly in Cherry Hill and American Water in its final relocation out of the Jersey suburbs and into its new Camden headquarters. The market recorded a net loss of 33,593 square feet, pushing vacancy up 20 basis points quarter-over-quarter to 15.6%. Rents, largely stable during the past few years, closed the quarter at $20.86/SF, only a couple of cents shy of the two-year average.

Southern New Jersey Office Market Report
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