Office Construction Slows in Central and Northern New Jersey as Flight-to-Quality/Efficiency Trends Emerge

The New Jersey office market will deliver just over 400,000 square feet of new office supply this year, well below its 10-year annualized average of approximately 620,000 square feet.
Spread evenly across suburban and urban locations, these new projects are capitalizing on a flight-to-quality and flight-to-efficiency, where occupiers can pay for best-in-class space via a smaller office footprint.
With total office availability (sublease and direct availability) increasing from a pre-pandemic low of 15% to over 20% as of May 2023, construction activity is expected to remain below historical averages in 2024.

May 23, 2023

US-NJ-NJ New Jersey

New Office Deliveries (Northern & Central NJ)