New Jersey’s Newest Office Buildings Boast Lowest Vacancy Rates

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  • cow_new-jersey_sept_12_2016While the Northern and Central New Jersey overall office vacancy rate was 24.4 percent in the second quarter, vacancy rates varied depending on a building’s year of construction.
  • Approximately 40.0 percent of the 158.7 million-square-foot office market were constructed during the 1980s. These buildings posted an average vacancy rate of more than 26.0 percent.
  • Less than 20.0 percent of the office buildings were developed during the 1990s. However, these buildings reported an overall vacancy rate above 30.0 percent.
  • Buildings completed since 2010 registered the lowest vacancy rates in the state as office occupiers targeted this newer product for their operations.

 

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