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New Jersey transit hub vacancy rate in the teens for more than five years

  • ​New Jersey’s transit hub markets consist of office buildings adjacent to, or within walking distance of a commuter rail station.
  • These markets include Hoboken/Jersey City, Metropark, Newark, New Brunswick, Princeton, Summit and Trenton.
  • The state’s transit hub market had been defined by lower vacancy rates and higher rental rates compared to the suburban New Jersey office market for the past several years.
  • While the transit hub vacancy rate climbed upward to 19.2 percent at year-end 2016, this vacancy remained significantly lower than the 26.4 percent vacancy rate reported in the state’s suburban office market.
  • Despite this recent uptick, the long-term outlook for transit hub markets remains positive as many companies will continue to seek office space in these strategic areas for their workforces and clients.​​

Source: JLL Research

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