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Northern New Jersey Market Reports

New Jersey Office Market

Average Asking Rent (Price/SF) $29.52
Availability Rate (%) 22.6%
Net Absorption (SF) -270,500

Following three quarters of strong positive absorption, the Northern New Jersey office market experienced a modest setback during the second quarter of 2019. Availability increased by 20 basis points to 22.6%, but it remains down from 23.5% one year ago. Rental rates are stable, with the average asking rent increasing slightly from $29.23/SF to $29.52/SF over the past 12 months.


New Jersey Industrial Market

Average Asking Rent (Price/SF) $9.12
Vacancy Rate (%) 4.8%
Net Absorption (SF)  502,752

A healthy construction pipeline, strong rent growth and big-box leasing fueled a respectable second-quarter performance in the Northern New Jersey industrial market. Net absorption through the first half of 2019 equated to 830,307 square feet, a modest total compared with the 11.3 million square feet absorbed over the same period one year ago. There is very little industrial space available and consequently, fewer opportunities for positive absorption. High demand and short supply helped the average asking rent reach $9.12/SF during second-quarter 2019, a year-over-year increase of 7.2%.



New Jersey Office Market
2Q19
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New Jersey Industrial Market
2Q19
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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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