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New Jersey Office Figures Q2 2022

July 11, 2022

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  • Quarterly leasing activity totaled 1.59 million sq. ft. in Q2, up 18% compared to the five-year quarterly average.
  • Renewals decreased 16% quarter-over-quarter to 279,000 sq. ft. for Q2 2022. Additionally, renewals contributed 15% of the overall velocity in Q2 2022, a smaller share compared to the 19% in Q1 2022
  • The availability rate rose 30 basis points (bps) from last quarter to 24.2% but was down10 bps from a year ago.
  • Net absorption was negative 430,000 sq. ft. in Q2 2022.
  • At $28.63 per sq. ft., the average asking rent was flat from last quarter but up 3% year-over-year.
  • Sublease availability rate rose 20 basis points quarter-over-quarter to 4.9% but remains unchanged year-over-year.