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Q1 2023 New Jersey Office Figures

April 10, 2023 10 Minute Read

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Average asking rents were $31.50 per sq. ft., up 2% from the prior quarter and 11% from a year ago.
Quarterly leasing activity totaled 1.05 million sq. ft., down 15% from the prior quarter and 21% behind the five-year quarterly average.
Renewals totaled 547,000 sq. ft.—up 17% quarter-over-quarter.
The availability rate was 24.6%, up 60 basis points (bps) quarter-over-quarter and 70 bps from a year ago.
Net absorption for Q1 2023 was negative 702,000 sq. ft.
Sublease availability rate was up 30 bps year-over-year to 5.2%, which
   equates to 7.95 million sq. ft. of sublease space or 21% of all available space.