New Jersey office market report
Q2 2025
The New Jersey office real estate market struggled in the first half of 2025; New Jersey saw the lowest amount of leasing activity in the last decade. Asking rents remain in the mid $32-range and availability steady at 21.1% since 2025 began. A positive for the NJ office market is the demand for trophy assets and the "flight to quality“. Tenants continue to seek high-quality, amenity- rich environments that have undergone capital improvements and have financially secure owners & landlords. This trend is especially prevalent in transit hub markets such as Morristown, Summit and urban markets such as Newark and Jersey City.
average asking rental rate
The average asking rental rate remains in the mid $32/psf range.
overall availability
Overall availability, consisting of direct and sublease space, has decreased by 50k sf from the previous quarter.
YTD leasing volume
Q2 leasing volume, totaled 1.91 msf; a 45.2% decrease from Q2 last year.
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Get in-depth office market reports and insights from commercial real estate experts in the Greater New Jersey area. Avison Young advisors look at New Jersey commercial real estate activities and the latest New Jersey statistics to provide you expert market research on New Jersey's office properties.
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