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New availabilities with higher asking rents boost the average higher

  • ​Despite the Northern and Central New Jersey Class A vacancy rate stubbornly ranging near 25.0 percent for the past two years, the average asking Class A rental rate reached $29.70 per square foot in mid-2017 compared to less than $29.20 per square foot at year-end 2016. 
  • New availabilities with higher asking rents have been responsible for boosting the average Class A rental rate higher.
  • With an average asking Class A rent of $43.05 per square foot, the Hudson Waterfront posted the highest asking rent rate in the state, as well as the highest ever recorded rent witnessed in this submarket.
  • With its $35.00 per square foot rental rate, the Metropark submarket housed the highest Class A rent in the Central New Jersey office market.​

Source: JLL Research

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