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Transit hubs Class A asking rents maintain lead over suburban office peers

  • ​Class A office buildings within New Jersey’s transit hub market are commanding higher rents compared to their suburban peers. These rents are fueled by demand from companies seeking space in mass-transit accessible markets.
  • The average asking Class A rental rate in the transit hub market is rapidly approaching $39.00 per square foot compared to an average $27.00 per square foot in the state’s suburban market.
  • With an asking rent of nearly $43.00 per square foot, Hoboken/Jersey City recorded the highest Class A rental rate among the transit hub markets. This also represented the highest rental rate among the transit hub markets.
  • An empty speculative construction pipeline, combined with persistent tenant requirements in mass-transit markets, will maintain upward pressures on Class A rental rates.​​

Source: JLL Research

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