New Jersey office market report

Q1 2024

The New Jersey office market is experiencing a steady rise in asking rents, up by 0.57% since 2023, driven by a flight-to-quality trend, notably in transit hubs like Morristown and Summit. Q1 2024 witnessed a strong leasing activity with approximately 43 leases exceeding 10,000 square feet signed, marking the third highest volume since 2017. Despite a slight quarter-over-quarter decrease in availability, there's a notable year-over-year increase of 110 basis points, indicating a continued preference for hybrid work environments.

average asking rent increases

1.82 msf

of leasing activity


availability rate

Your source for the latest New Jersey office market reports

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.

Explore different topics like the latest office market pricing trends and analysis of New Jersey's current office real estate market conditions. Gain a better understanding of New Jersey’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in New Jersey's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in New Jersey.

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