The availability rate rose by 76 bps to 20.34% for the
second consecutive quarterly increase and the first
time the rate has been above 20% since Q1 2019.
Average asking rents increased by $0.24 per sq. ft.
quarter over quarter to $27.15 per sq. ft., breaking
$27 per sq. ft. for the first time since CBRE began
tracking the metric.
Leasing activity fell 72% from Q1 2020, though the
market saw 530,100 sq. ft. of renewal activity, an
increase of 15% from the preceding quarter.
Net absorption was negative for the second
consecutive quarter, largely due to an influx of
furnished, ready to occupy sublease space becoming
available to the market.
Office using employment in New Jersey fell by
118,300 positions ( 11.7%) with over 80% of these
losses coming from professional and business
services.