Although Northern New Jersey's office market posted healthy leasing activity throughout 2021, supply continued to outpace demand and vacancy climbed 270 basis points year-over-year to end 2021 at 21.8%.
Spurred by a lack of vacant space coupled with persistent occupier demand, quarterly asking rental rate growth for New Jersey was one of the highest in the nation at 13.6%. The average asking rent for warehouse space jumped to the highest on record at $12.19 per square foot.
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