Figures
New Jersey Office Figures Q3 2022
October 10, 2022
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- Quarterly leasing activity totaled 1.32 million sq. ft. 2% behind the five-year quarterly average, but the fourth consecutive quarter of more than one million sq. ft.
- Year-to-date leasing activity totaled 4.36 million sq. ft. up 101% from the prior year.
- Renewals increased 56% quarter-over-quarter to 435,000 sq. ft. Additionally, renewals constituted 25% of overall velocity, a larger share compared to 15% in Q2 2022.
- The availability rate fell 130 basis points(bps) quarter-over-quarter to 22.9% and is down 180 bps from a year ago.
- Net absorption finished Q3 2022 at positive 2.05 million sq. ft. bringing the year-to-date total to 2.91 million sq. ft.
- Average asking rent was up 6% from last quarter $30.31 per sq. ft. and is up 10% year-over-year.
- Sublease availability rate rose 30 basis points quarter-over-quarter to 5.2% and up 50 basis points year-over-year.