Southern New Jersey Office Market
| Average Asking Rent (Price/SF) | $20.88 |
| Vacancy Rate (%) | 16.8% |
| Net Absorption (SF) | -85,304 |
Approximately 85,000 square feet of negative absorption hit Southern New Jersey’s office market in the final quarter of 2020, reversing three quarters of occupancy gains made amid the pandemic. Despite fourth-quarter losses, the market closed this challenging year with 25,168 square feet in positive absorption, which made it and Delaware the only two markets in the Greater Philadelphia region to post net occupancy growth in 2020.
Download Southern New Jersey Office Market Report 4Q20