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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $29.28
Availability Rate (%) 22.2%
Net Absorption (SF) 578,933

The Northern New Jersey office market began 2019 with its third consecutive quarter of strong positive absorption. Totaling 578,933 square feet, absorption for the first quarter significantly exceeded the market's five-year quarterly average of 85,455 square feet. Availability averaged 22.2%, the lowest level in 10 years, although it remains high compared with the national availability rate.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $8.68
Vacancy Rate (%) 4.5%
Net Absorption (SF) 700,415

The Northern New Jersey industrial market saw modest growth in rents and absorption to start the year. Net absorption was positive for the 16th consecutive quarter, but new deliveries at Exit 8A caused a slight uptick in vacancy over the past three months, from 4.3% to 4.5%. Third-party logistics firms generated the bulk of the quarter's leasing, reflecting increased pressure for efficient distribution. Demand for distribution space in central locations was a needle-mover, as two high-profile developments in Newark were announced. Competition for modern logistics space boosted the average asking rent to $8.68/SF, up 8.5% from one year ago.



New Jersey Office Market
1Q19
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New Jersey Industrial Market
1Q19
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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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