Insights
New Jersey
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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 1.6% in the Central New Jersey market
- The Central New Jersey market had the lowest vacancy in the nation.
- Vacancy in the Central New Jersey market drifted upward by 10 basis points.
- Vacancy is expected to finish 2024 at 1.8% in the Central New Jersey market.
Distribution / Warehousing
The average Vacancy Rate was 6.8% in the Central New Jersey market
- Vacancy in the Central New Jersey market has risen for seven consecutive quarters.
- The Central New Jersey market had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2024 at 6.5% 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 20.0% in the Central New Jersey market
- Vacancy in the Central New Jersey market drifted downward by 40 basis points.
- Vacancy is expected to finish 2024 at 20.6% in the Central New Jersey market.
Retail
The average Vacancy Rate was 12.5% in the Central New Jersey market
- Vacancy in the Central New Jersey market drifted downward by 10 basis points.
- The Central New Jersey market had the lowest vacancy level since Q2 2022.
- Vacancy is expected to finish 2024 at 12.0% in the Central New Jersey market.
RENT
Apartment
The average Asking Rent was $1,789 in the Central New Jersey market
- Rent in the Central New Jersey market was up 0.5% from Q1 2024.
- Rent is expected to finish 2024 at $1,807 in the Central New Jersey market.
Distribution / Warehousing
The average Asking Rent was $8.61 in the Central New Jersey market
- Rent in the Central New Jersey market was up 0.2% from Q1 2024.
- Rent has risen in every quarter since Q2 2020 in the Central New Jersey market.
- Rent is expected to finish 2024 at $8.83 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 $26.85 in the Central New Jersey market
- Rent in the Central New Jersey market was down 0.1% from Q1 2024.
- Rent is expected to finish 2024 at $27.02 in the Central New Jersey market.
Retail
The average Asking Rent was $23.99 in the Central New Jersey market
- Rent in the Central New Jersey market was up 0.3% from Q1 2024.
- Rent is expected to finish 2024 at $24.14 in the Central New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 6.0% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted upward 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 10 basis points.
- Vacancy is expected to finish 2024 at 4.2% in the Northern New Jersey market.
Flex / R&D
The average Vacancy Rate was 4.9% 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 4.8% in the Northern New Jersey market.
Office
The average Vacancy Rate was 22.0% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted downward by 40 basis points.
- Vacancy is expected to finish 2024 at 22.3% in the Northern New Jersey market.
Retail
The average Vacancy Rate was 8.1% in the Northern New Jersey market
- No vacancy change since Q1 2024 in the Northern New Jersey market.
- The Northern New Jersey market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 8.0% in the Northern New Jersey market.
RENT
Apartment
The average Asking Rent was $2,514 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.7% from Q1 2024.
- Rent is expected to finish 2024 at $2,574 in the Northern New Jersey market.
Distribution / Warehousing
The average Asking Rent was $9.46 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.7% from Q1 2024.
- Rent has risen in every quarter since Q2 2020 in the Northern New Jersey market.
- Rent is expected to finish 2024 at $9.68 in the Northern New Jersey market.
Flex / R&D
The average Asking Rent was $13.52 in the Northern New Jersey market
- The Northern New Jersey market had the fastest rent growth in the Northeast region, sixth most rapid in the nation.
- Rent has risen in every quarter since Q2 2020 in the Northern New Jersey market.
- Rent is expected to finish 2024 at $13.80 in the Northern New Jersey market.
Office
The average Asking Rent was $30.50 in the Northern New Jersey market
- The Northern New Jersey market had the fastest rent growth in the Northeast region, thirteenth most rapid in the nation.
- Northern New Jersey market had its fastest rent rate of increase in eight quarters.
- Rent is expected to finish 2024 at $30.72 in the Northern New Jersey market.
Retail
The average Asking Rent was $29.82 in the Northern New Jersey market
- The Northern New Jersey market remained flat rent since Q1 2024.
- Rent is expected to finish 2024 at $29.93 in the Northern New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 4.9% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted upward by 10 basis points.
- The Philadelphia metro had the highest vacancy level since Q1 2011.
- Vacancy is expected to finish 2024 at 5.1% in the Philadelphia metro.
Distribution / Warehousing
The average Vacancy Rate was 6.7% in the Philadelphia metro
- Vacancy in the Philadelphia metro rose by 60 basis points.
- The Philadelphia metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2024 at 6.4% in the Philadelphia metro.
Flex / R&D
The average Vacancy Rate was 3.7% in the Philadelphia metro
- The Philadelphia metro had the lowest vacancy in the Northeast region, fifth lowest in the nation.
- Vacancy in the Philadelphia metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2024 at 3.6% in the Philadelphia metro.
Office
The average Vacancy Rate was 17.3% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted downward by 40 basis points.
- The Philadelphia metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 17.6% in the Philadelphia metro.
Retail
The average Vacancy Rate was 10.9% in the Philadelphia metro
- No vacancy change since Q1 2024 in the Philadelphia metro.
- Vacancy is expected to finish 2024 at 10.8% in the Philadelphia metro.
RENT
Apartment
The average Asking Rent was $1,759 in the Philadelphia metro
- The Philadelphia metro had the sixth fastest rent growth in the nation, and the second in the Northeast region, behind only Westchester.
- Philadelphia metro had its fastest rent rate of increase in six quarters.
- Rent is expected to finish 2024 at $1,789 in the Philadelphia metro.
Distribution / Warehousing
The average Asking Rent was $7.00 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.4% from Q1 2024.
- Rent has risen in every quarter since year-end 2020 in the Philadelphia metro.
- Rent is expected to finish 2024 at $7.18 in the Philadelphia metro.
Flex / R&D
The average Asking Rent was $10.51 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.7% from Q1 2024.
- Rent has risen in every quarter since Q2 2020 in the Philadelphia metro.
- Rent is expected to finish 2024 at $10.76 in the Philadelphia metro.
Office
The average Asking Rent was $29.34 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.5% from Q1 2024.
- Rent is expected to finish 2024 at $29.49 in the Philadelphia metro.
Retail
The average Asking Rent was $21.63 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $21.72 in the Philadelphia metro.