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 1.9% 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 downward by 10 basis points.
- The Central New Jersey market had the lowest vacancy level since year-end 2001.
Distribution / Warehousing
The average Vacancy Rate was 2.2% in the Central New Jersey market
- The Central New Jersey market had the fifth lowest vacancy in the nation and the fourth lowest in the Northeast.
- Vacancy in the Central New Jersey market has been in decline for seven consecutive quarters.
- The Central New Jersey market had the lowest vacancy level since Q3 2009.
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
- No vacancy change since Q2 2022 in the Central New Jersey market.
- The Central New Jersey market had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 20.8% in the Central New Jersey market.
Retail
The average Vacancy Rate was 12.4% in the Central New Jersey market
- No vacancy change since Q2 2022 in the Central New Jersey market.
- Vacancy is expected to finish 2022 at 12.4% in the Central New Jersey market.
RENT
Apartment
The average Asking Rent was $1,695 in the Central New Jersey market
- Rent in the Central New Jersey market was up 3.5% from Q2 2022.
- Rent Has risen for six consecutive quarters in the Central New Jersey market.
- Rent is expected to finish 2022 at $1,701 in the Central New Jersey market.
Distribution / Warehousing
The average Asking Rent was $7.92 in the Central New Jersey market
- The Central New Jersey market had the second fastest rent growth in the nation, behind only San Bernardino/Riverside.
- Rent Has risen for nine consecutive quarters in the Central New Jersey market.
- Rent is expected to finish 2022 at $8.32 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 $26.55 in the Central New Jersey market
- The Central New Jersey market had the third fastest rent growth in the nation, and the second in the Northeast region, behind only Central New Jersey.
- Central New Jersey market had its fastest rent rate of increase since Q3 2006.
- Rent is expected to finish 2022 at $26.68 in the Central New Jersey market.
Retail
The average Asking Rent was $23.67 in the Central New Jersey market
- The Central New Jersey market remained flat rent since Q2 2022.
- Rent is expected to finish 2022 at $23.72 in the Central New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 5.6% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted upward by 10 basis points.
- Vacancy is expected to finish 2022 at 5.6% in the Northern New Jersey market.
Distribution / Warehousing
The average Vacancy Rate was 2.4% in the Northern New Jersey market
- The Northern New Jersey market had the eighth lowest vacancy in the nation and the ninth lowest in the Northeast.
- Vacancy in the Northern New Jersey market has been in decline for seven consecutive quarters.
- The Northern New Jersey market had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 3.8% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market fell by 340 basis points.
- The Northern New Jersey market was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 3.6% in the Northern New Jersey market.
Office
The average Vacancy Rate was 20.9% in the Northern New Jersey market
- Vacancy in the Northern New Jersey market drifted downward by 20 basis points.
- Vacancy is expected to finish 2022 at 21.2% in the Northern New Jersey market.
Retail
The average Vacancy Rate was 7.7% in the Northern New Jersey market
- The Northern New Jersey market had the fifth lowest vacancy in the nation and the fourth lowest in the Northeast.
- Vacancy in the Northern New Jersey market drifted downward by 10 basis points.
- The Northern New Jersey market had the lowest vacancy level since Q3 2015.
RENT
Apartment
The average Asking Rent was $2,334 in the Northern New Jersey market
- Rent in the Northern New Jersey market was down 0.7% from Q2 2022.
- Rent is expected to finish 2022 at $2,349 in the Northern New Jersey market.
Distribution / Warehousing
The average Asking Rent was $8.60 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 5.0% from Q2 2022.
- Rent Has risen for nine consecutive quarters in the Northern New Jersey market.
- Rent is expected to finish 2022 at $9.00 in the Northern New Jersey market.
Flex / R&D
The average Asking Rent was $12.05 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 4.8% from Q2 2022.
- Rent Has risen for nine consecutive quarters in the Northern New Jersey market.
- Rent is expected to finish 2022 at $12.59 in the Northern New Jersey market.
Office
The average Asking Rent was $30.56 in the Northern New Jersey market
- Rent in the Northern New Jersey market was up 0.3% from Q2 2022.
- Rent is expected to finish 2022 at $30.68 in the Northern New Jersey market.
Retail
The average Asking Rent was $29.58 in the Northern New Jersey market
- The Northern New Jersey market remained flat rent since Q2 2022.
- Rent is expected to finish 2022 at $29.61 in the Northern New Jersey market.
VACANCY
Apartment
The average Vacancy Rate was 4.1% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2022 at 4.2% in the Philadelphia metro.
Distribution / Warehousing
The average Vacancy Rate was 3.8% in the Philadelphia metro
- Vacancy in the Philadelphia metro has been in decline for seven consecutive quarters.
- The Philadelphia metro had the lowest vacancy level since Q3 2009.
- Vacancy is expected to finish 2022 at 3.5% in the Philadelphia metro.
Flex / R&D
The average Vacancy Rate was 3.5% in the Philadelphia metro
- The Philadelphia metro had the seventh lowest vacancy in the nation and the ninth lowest in the Northeast.
- Vacancy in the Philadelphia metro fell by 130 basis points.
- The Philadelphia metro had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 15.3% in the Philadelphia metro
- No vacancy change since Q2 2022 in the Philadelphia metro.
- The Philadelphia metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 15.5% in the Philadelphia metro.
Retail
The average Vacancy Rate was 11.0% in the Philadelphia metro
- Vacancy in the Philadelphia metro drifted downward by 20 basis points.
- The Philadelphia metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 11.0% in the Philadelphia metro.
RENT
Apartment
The average Asking Rent was $1,740 in the Philadelphia metro
- Rent in the Philadelphia metro was up 3.8% from Q2 2022.
- Rent Has risen for seven consecutive quarters in the Philadelphia metro.
- Rent is expected to finish 2022 at $1,751 in the Philadelphia metro.
Distribution / Warehousing
The average Asking Rent was $6.32 in the Philadelphia metro
- Rent in the Philadelphia metro was up 4.8% from Q2 2022.
- Rent Has risen for seven consecutive quarters in the Philadelphia metro.
- Rent is expected to finish 2022 at $6.57 in the Philadelphia metro.
Flex / R&D
The average Asking Rent was $9.45 in the Philadelphia metro
- Rent in the Philadelphia metro was up 3.8% from Q2 2022.
- Rent Has risen for nine consecutive quarters in the Philadelphia metro.
- Rent is expected to finish 2022 at $9.73 in the Philadelphia metro.
Office
The average Asking Rent was $28.76 in the Philadelphia metro
- Rent in the Philadelphia metro was up 0.1% from Q2 2022.
- Rent is expected to finish 2022 at $28.87 in the Philadelphia metro.
Retail
The average Asking Rent was $21.59 in the Philadelphia metro
- The Philadelphia metro remained flat rent since Q2 2022.
- Rent is expected to finish 2022 at $21.61 in the Philadelphia metro.