New Jersey office leasing activity has increased year-over-year in 2024
NJ office leasing activity increases year-over-year, still below 10-year average
- New Jersey office leasing activity rose year-over-year by 3.01%, a 300k sf increase that brought the year-end total to 10.1 msf. This total falls just below the 10-year annual average, a sign of relative stability in an otherwise turbulent office market.
- An increasing number of companies implemented return-to-office policies in 2024 and an even larger number, including the federal government, are set to do so in 2025.
- The flight-to-quality trend continued, as tenants prioritized modern, amenity-rich office spaces particularly in transit hubs such as Morristown & Summit.
- Despite this, the office market will continue to face ongoing challenges, including the lingering impact of remote work and businesses opting for smaller, albeit higher quality, footprints.
February 20, 2025
Get market intel
US-NJ-NJ New Jersey