Previous Market Reports
NAI James E. Hanson provides property statistics, demographic information, economic analysis, and comprehensive market intelligence for the Northern & Central New Jersey real estate markets. The information is gathered by NAI professionals and compiled in our quarterly industrial, office and medical office reports.
2024 Market Reports
The overall vacancy rate rose during the first quarter up to 5.0%, from 4.7% at the end of last year and from 2.4% at the end of the first quarter 2023. The rise in the vacancy rate is the result of the delivery of 4.6 million square feet of new product during the quarter, where 69.0% of space is available.
Many of the trends that occurred at the end of 2023 continued into the first three months of 2024. A flight to quality has helped to sustain the market as active tenants look to upgrade their space by relocating to Class A and trophy properties.
Healthcare remains a bright spot in the single-tenant office market, with steady demand for medical offices and urgent care centers. Labs for research and development supporting healthcare may also see ongoing crossover demand.
The overall vacancy moved higher during the first quarter, closing at 5.9%–its highest level since 2016. Overall vacancy has risen across most of the submarkets in Northern New Jersey, not just in the Meadowlands, due in large part to the delivery of new construction.
2023 Market Reports
2022 Market Reports
2021 Market Reports
2020 Market Reports
