New Jersey office sublease space remains stable, while rents decline as companies continue to adjust their footprint

• As a result of the work-from-home trend and overall economic uncertainty, the available sublease space in 2023 continues to average over 9.2 million square feet (9.2 msf).
   

 

• Office asking rents tend to decrease concurrently with the rise in sublease space. Furthermore, excess supply and lower demand exert downward pressure on rental rates due to increased competition among landlords and sublessors to fill the available space.

September 26, 2023

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