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Aging inventory overshadows office market’s recovery

An aging Northern and Central New Jersey office inventory base will continue to challenge tenants seeking newer, high-end buildings to house their operations.

Nearly one-half of the 159.9 million-square-foot office market was developed during the 1980s as once free-flowing capital produced a surge in new inventory.

Furthermore, while the overall office vacancy rate was 24.5 percent at year-end 2016, buildings developed during the 1980s posted an average vacancy rate of more than 25.0 percent. This was in contrast to buildings completed since 2010, which registered a vacancy of just 13.0 percent.​

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