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Summit boasts lowest vacancy rate among transit hub markets

  • ​New Jersey’s transit hub markets consist of office buildings within walking distance of a commuter rail station.
  • These include Hoboken/Jersey City, Metropark, Morristown, Newark, New Brunswick, Princeton, Summit and Trenton.
  • The transit hub vacancy rate climbed above 19.0 percent in 2016 compared to less than 17.0 percent in 2015. The higher vacancy rate uptick was traced to large block availabilities in the Hoboken/Jersey City market. However, these vacancies have also created opportunities for companies seeking space in this strategically located market.
  • At the other end of the spectrum, the Summit vacancy rate tumbled to 3.2 percent compared to 20.1 percent in 2015. Contributing to the lower vacancy rate was The Boston Consulting Group’s leasing of 27,470 square feet at 466 Springfield Avenue. With an office inventory totaling less than 400,000 square feet of rentable space, this market’s small size makes it susceptible to fluctuating vacancy rates.​​

Source: JLL Research

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