New Jersey Office Figures Q1 2022

08 abr. 2022

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  • Quarterly leasing activity totaled 1.45 million sq. ft. in Q1, up 6.5% compared to the five-year quarterly average.
  • Renewals totaled 330,853 sq. ft. in Q1, and total velocity (renewals + Leasing activity) to 1,781,673 sq. ft. - 94% above the same time last year.
  • The availability rate dropped 50 basis points (bps) from last quarter to 23.9% but was up 40 bps from a year ago.
  • Net absorption finished Q1 2022 at positive 1.29M sq. ft.
  • At $28.44 per sq. ft., the average asking rent was up 1% from last quarter and up 4% year-over-year.
  • Available sublease space totaled 7.26 million sq. ft. in Q1 2022, down 3.4% from the total in Q4 2021. Sublease space makes up 4.7% of all available space.