Southern New Jersey Office Market
In Q1 2024, the market saw a net decrease in occupancy with absorption totaling -22,386 square feet, with the decline predominantly in Class B and Class C offices, recording -7,977 and -15,334 square feet, respectively. Rents continue to edge higher, although the pace of growth is beginning to flatline. The market average in the first quarter of 2024 was $22.10/SF, marking a 20 basis point increase from the previous quarter. This growth is modest compared to the fourth and first quarters of 2023, which saw quarter-over-quarter rent increases of 0.5% and 2.4%, respectively. In the first quarter of 2024, office demand declined due to lease signings. However, this is expected to enhance absorption rates in the future.
Download Southern New Jersey Office Market Report 1Q24