Jeffrey Heller, principal and managing director of Avison Young New Jersey
MORRISTOWN, NJ—The office and industrial real estate markets in New Jersey finished 2019 strong, with both sectors registering declines in vacancy and increases in asking rent.
The New Jersey office market experienced a 120-basis point drop in the vacancy rate, going from 14.3% in the fourth quarter of 2018 to 13.1% at the end of the fourth quarter of 2019, according to a report released by Avison Young. During that same period, office market rents rose $.13 year over year to $30.23-per -square-foot. Net absorption was positive for the seventh-straight quarter.
The industrial vacancy rate dropped to 2.5% when compared to the fourth quarter of 2018 when it was 2.9%. Meanwhile, the historic ascent of market NNN rent has continued its historic rise to $8.71-per-square-foot.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
