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State’s newest office buildings boast 12.0 percent vacancy rate

  • While the Northern and Central New Jersey overall office vacancy rate was nearly 25.0 percent in the third quarter of 2017, vacancy rates varied depending on a building’s year of construction.
  • Nearly one-half of the 160.4 million-square-foot office market was constructed during the 1980s. These buildings posted a vacancy rate near the state’s average.
  • Buildings completed since 2010 maintained the lowest vacancy rates, as office occupiers have sought this newer product for their operations.
  • Furthermore, the current market conditions will continue to foster the demolition or conversion of older, vacant office buildings to alternative uses, which will exert downward pressures on the state’s vacancy rate. More than 400,000 square feet was removed from the office inventory in 2017, with an additional 1.0 million square feet expected to be redeveloped in 2018.​

Source: JLL Research

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