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Growing appetite for transit hub office space fuels rental rate growth

  • ​Office buildings within New Jersey’s transit hub markets continue to command higher asking rents compared to their suburban peers. These rents are fueled by demand from companies seeking space with access to mass-transit options for their workforces and clients.
  • While the average asking rental rate in transit hubs neared $32.50 per square foot, the suburban average rental rate was just above $26.00 per square foot in 2016.
  • An empty speculative construction pipeline, combined with the persistent appetite for space in transit hub markets, will maintain upward pressures on asking rental rates.​​

Source: JLL Research




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