Class A Rental Rates Increase in New Jersey’s Transit Hubs

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COW_New Jersey_Apr_4_2016

  • New Jersey’s transit hub markets are characterized as areas housing a significant number of office properties in proximity to a commuter rail station. The five largest markets by rentable inventory include Hoboken/Jersey City, Newark, Princeton, Metropark and Morristown.
  • A lack of new construction combined with a growing appetite for Class A space within these transit hub markets maintained upward pressures on Class A asking direct rental rates. Each of these markets posted average Class A rents above $30.00 per square foot at year-end 2015.
  • This was in contrast to buildings in the state’s suburban markets, where the average Class A rental rate declined $0.09 from 2014 to less than $26.25 per square foot in 2015.

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