New Jersey office market report

Q4 2024

The New Jersey office real estate market is showing signs of stabilization, with asking rents increasing by 4.3% year-over-year and availability decreasing by 0.6% in the same period. Driving demand in trophy assets is the "flight to quality" as tenants increasingly seek high-quality, amenity-rich environments that have undergone capital improvements and are supported by financially stable owners. This trend is especially prevalent in transit hub markets such as Morristown, Summit and urban markets such as Newark.
$32.81

Average asking rental rate

The average asking rental rate has increased by 4.3% year-over-year, or $1.37 psf

18.6%

Overall availability

Overall availability has decreased by 2 msf YoY, or 0.6%. With an additional 3 msf being removed from inventory.

10.1 msf

Leasing volume

Leasing volume has increased year-over-year by 3.01% or 300k sf.

Your source for the latest New Jersey office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater New Jersey area. Avison Young advisors look at New Jersey commercial real estate activities and the latest New Jersey statistics to provide you expert market research on New Jersey's office properties.

Explore different topics like the latest office market pricing trends and analysis of New Jersey's current office real estate market conditions. Gain a better understanding of New Jersey’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in New Jersey's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in New Jersey.

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