Insights
New Jersey
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BACK TO INSIGHTSEXPLORE 4 New Jersey MARKETSToggle markets
VACANCY
Distribution / Warehousing
Average Vacancy Rate 6.3%
- Tenth lowest in the nation, and the second in the Northeast region, behind only New York Metro.
- Drifted downward by 10 basis points.
- Expected to finish 2019 at.
RENT
Distribution / Warehousing
Average Asking Rent $6.26
- Up 0.3% from year-end 2018.
- Expected to finish 2019 at.
VACANCY
Apartment
The average Vacancy Rate was 1.5% in the Central New Jersey market
- The Central New Jersey market had the second lowest vacancy in the nation, behind only Central New Jersey.
- No vacancy change since year-end 2023 in the Central New Jersey market.
- Vacancy is expected to finish 2024 at 1.7% in the Central New Jersey market.
Distribution / Warehousing
The average Vacancy Rate was 5.6% in the Central New Jersey market
- Vacancy in the Central New Jersey market has risen for six consecutive quarters.
- The Central New Jersey market had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2024 at 5.0% in the Central New Jersey market.
Flex / R&D
The average Vacancy Rate was 4.9% in the Central New Jersey market
- The Central New Jersey market had the ninth lowest vacancy in the nation, and the second in the Northeast region, behind only Long Island.
- Vacancy in the Central New Jersey market declined by 100 basis points.
- The Central New Jersey market had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 20.4% in the Central New Jersey market
- Vacancy in the Central New Jersey market drifted upward by 10 basis points.
- The Central New Jersey market had the highest vacancy level since Q1 2022.
- Vacancy is expected to finish 2024 at 21.0% in the Central New Jersey market.
Retail
The average Vacancy Rate was 12.6% in the Central New Jersey market
- No vacancy change since year-end 2023 in the Central New Jersey market.
- Vacancy is expected to finish 2024 at 11.9% in the Central New Jersey market.
RENT
Apartment
The average Asking Rent was $1,784 in the Central New Jersey market
- Rent in the Central New Jersey market was up 0.6% from year-end 2023.
- Rent is expected to finish 2024 at $1,811 in the Central New Jersey market.
Distribution / Warehousing
The average Asking Rent was $8.58 in the Central New Jersey market
- Rent in the Central New Jersey market was up 0.5% from year-end 2023.
- Rent has risen in every quarter since Q2 2020 in the Central New Jersey market.
- Rent is expected to finish 2024 at $8.90 in the Central New Jersey market.
Flex / R&D
The average Asking Rent was $9.93 in the Central New Jersey market
- Rent in the Central New Jersey market was up 1.2% from Q3 2021.
- Central New Jersey market had its fastest rent rate of increase since Q3 2009.
- Rent is expected to finish 2022 at $10.29 in the Central New Jersey market.
Office
The average Asking Rent was $26.87 in the Central New Jersey market
- Rent in the Central New Jersey market was up 0.2% from year-end 2023.
- Rent is expected to finish 2024 at $27.11 in the Central New Jersey market.
Retail
The average Asking Rent was $23.93 in the Central New Jersey market
- Rent in the Central New Jersey market was up 0.1% from year-end 2023.
- Rent is expected to finish 2024 at $24.13 in the Central New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 6.4% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 6.9% in the Northern New Jersey market.
Distribution / Warehousing
The average Vacancy Rate was 4.4% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted downward by 20 basis points.
- The Northern New Jersey market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 4.1% in the Northern New Jersey market.
Flex / R&D
The average Vacancy Rate was 5.1% in the Northern New Jersey market
- The Northern New Jersey market had the tenth lowest vacancy in the nation and the twelfth lowest in the Northeast.
- Vacancy in the Northern New Jersey market drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 4.9% in the Northern New Jersey market.
Office
The average Vacancy Rate was 22.4% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted upward by 30 basis points.
- The Northern New Jersey market had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2024 at 22.7% in the Northern New Jersey market.
Retail
The average Vacancy Rate was 7.9% in the Northern New Jersey market
- The Northern New Jersey market had the eighth lowest vacancy in the nation and the seventh lowest in the Northeast.
- Vacancy in the Northern New Jersey market drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 8.2% in the Northern New Jersey market.
RENT
Apartment
The average Asking Rent was $2,477 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.9% from year-end 2023.
- Rent is expected to finish 2024 at $2,550 in the Northern New Jersey market.
Distribution / Warehousing
The average Asking Rent was $9.39 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.8% from year-end 2023.
- Rent has risen in every quarter since Q2 2020 in the Northern New Jersey market.
- Rent is expected to finish 2024 at $9.72 in the Northern New Jersey market.
Flex / R&D
The average Asking Rent was $13.38 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.8% from year-end 2023.
- Rent has risen in every quarter since Q2 2020 in the Northern New Jersey market.
- Rent is expected to finish 2024 at $13.82 in the Northern New Jersey market.
Office
The average Asking Rent was $30.33 in the Northern New Jersey market
- Rent in the Northern New Jersey market was down 0.2% from year-end 2023.
- Rent is expected to finish 2024 at $30.74 in the Northern New Jersey market.
Retail
The average Asking Rent was $29.79 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.2% from year-end 2023.
- Rent is expected to finish 2024 at $29.92 in the Northern New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 4.7% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 4.8% in the Philadelphia metro.
Distribution / Warehousing
The average Vacancy Rate was 5.4% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 5.2% in the Philadelphia metro.
Flex / R&D
The average Vacancy Rate was 3.6% in the Philadelphia metro
- The Philadelphia metro had the second lowest vacancy in the nation, behind only Miami.
- Vacancy in the Philadelphia metro drifted downward by 30 basis points.
- Vacancy is expected to finish 2024 at 3.4% in the Philadelphia metro.
Office
The average Vacancy Rate was 17.7% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted upward by 30 basis points.
- The Philadelphia metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 18.0% in the Philadelphia metro.
Retail
The average Vacancy Rate was 10.9% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted downward by 10 basis points.
- The Philadelphia metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 11.1% in the Philadelphia metro.
RENT
Apartment
The average Asking Rent was $1,737 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.2% from year-end 2023.
- Rent is expected to finish 2024 at $1,787 in the Philadelphia metro.
Distribution / Warehousing
The average Asking Rent was $6.97 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.6% from year-end 2023.
- Rent has risen in every quarter since year-end 2020 in the Philadelphia metro.
- Rent is expected to finish 2024 at $7.23 in the Philadelphia metro.
Flex / R&D
The average Asking Rent was $10.44 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.9% from year-end 2023.
- Rent has risen in every quarter since Q2 2020 in the Philadelphia metro.
- Rent is expected to finish 2024 at $10.81 in the Philadelphia metro.
Office
The average Asking Rent was $29.19 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.3% from year-end 2023.
- Rent is expected to finish 2024 at $29.30 in the Philadelphia metro.
Retail
The average Asking Rent was $21.60 in the Philadelphia metro
- Rent in the Philadelphia metro was down 0.1% from year-end 2023.
- Rent is expected to finish 2024 at $21.72 in the Philadelphia metro.