New Jersey office market report
Q4 2025
New Jersey witnessed the lowest amount of leasing activity since the pandemic in the early 2020's, while at the same time, overall availability rate decreased to 21.1% and asking rents rose slightly to $33.13 psf. This was driven by the removal of obsolete office properties, continued demand for trophy assets, and the overall sentiment of "flight to quality." Tenants continue to seek high-quality, amenity-rich environments that have undergone capital improvements and have financially secure owners and landlords. This trend is especially prevalent in transit-oriented markets such as Morristown, Summit and urban markets such as Newark and Jersey City.
average asking rental rate
The average asking rental rate for all property classes, rose by $0.21 to $33.13 in 2025.
overall availability
Overall availability, consisting of direct and sublease space, has decreased by 1.5 msf from the previous year, or 80 basis points.
total leasing volume in Q4
There was a total of 1.74 msf of leasing activity in Q4. This was the lowest volume of activity seen since the pandemic.
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