New Jersey Office Market Report
By CREhunt Research · Data through Q2 2026 · Aggregated from CBRE, JLL, Cushman & Wakefield, Savills, Colliers
Quarterly office market indicators for New Jersey, aggregated by CREhunt from CBRE, JLL, Cushman & Wakefield, Savills, Colliers. As of Q2 2026, average asking rent was $32.47/SF/yr and vacancy was 23.9%, per CBRE.
Projected current office pricing — New Jersey
Modeled estimate (income approach) shown as a range — not an appraisal. No market-specific cap rate is published for New Jersey office yet, so this applies the typical cap rate across comparable office markets — treat it as a rough, indicative range that sharpens as sourced cap rates arrive. Projected asking rent × occupancy × net-operating-income margin band ÷ a benchmark cap rate, from Q2 2026 CBRE asking-rent data (benchmark cap rate 6.5%–8.6%, asking rent held flat). Assumes ~76% occupancy and a 50–65% net-operating-income margin.
| Quarter | Asking rent | Vacancy | Net absorption | Under constr. | Source |
|---|---|---|---|---|---|
| Q2 2026 CBRE | $32.47/SF/yr | 23.9% | 433K SF | — | CBRE |
| Q1 2026 CBRE | $32.11/SF/yr | — | 830K SF | — | CBRE |
| Q1 2026 JLL | $31.59/SF/yr | 25.4% | 584K SF | — | JLL |
| Q1 2026 Cushman & Wakefield | $17.64/SF/yr | 8.7% | -8 SF | — | Cushman & Wakefield |
| Q2 2025 Savills | — | — | 1.6M SF | — | Savills |
| Q1 2025 Colliers | — | 20.5% | 449K SF | — | Colliers |
| Q3 2019 Colliers | $20.40/SF/yr | 11.0% | 35K SF | — | Colliers |
Office asking rents by submarket
The newest asking rent a named brokerage's report published for each New Jersey office submarket, with its publisher and quarter. Submarkets whose newest figure cannot be attributed, or falls outside a plausible range, are left out.
| Submarket | Asking rent | Source |
|---|---|---|
| Central Bergen | $28.46/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Chatham/Millburn/Short Hills | $44.07/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Greater Monmouth County | $27.75/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Meadowlands | $29.90/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Montvale/Woodcliff Lake | $27.00/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Morristown | $31.90/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Newark | $32.60/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Orange/Rockland | $22.30/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Palisades | $28.56/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Parkway Corridor | $35.86/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Parsippany | $28.52/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Princeton | $30.01/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Route 17 Corridor | $21.40/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Route 23/Paterson/Wayne | $22.65/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Route 287/78 Interchange | $32.54/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Route 287/Piscataway/Brunswicks | $21.10/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Suburban Essex/Eastern Morris | $26.10/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Waterfront | $44.38/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Western -I80 Corridor | $25.02/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
| Western Route 78 | $26.96/SF/yr CBRE · Q2 2026 | CBRE, Q2 2026 |
How the brokerage sources compare
For Q1 2026, the brokerages CREhunt aggregates for New Jersey office did not fully agree. Asking-rent estimates differ by $14.47/SF/yr — from $17.64/SF/yr to $32.11/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.
| Source | Vacancy | Asking rent | Cap rate |
|---|---|---|---|
| Cushman & Wakefield | 8.7% | $17.64/SF/yr | — |
| JLL | 25.4% | $31.59/SF/yr | — |
| CBRE | — | $32.11/SF/yr | — |
Per-brokerage figures for Q1 2026, aggregated from published brokerage market reports.
Frequently asked questions
- What is the average asking rent for office space in New Jersey?
- As of Q2 2026, the average asking rent for office space in New Jersey was $32.47/SF/yr, per CBRE.
- What is the office vacancy rate in New Jersey?
- The office vacancy rate in New Jersey was 23.9% as of Q2 2026 (CBRE).
- Where does CREhunt's New Jersey market data come from?
- This report aggregates quarterly office market data for New Jersey from CBRE, JLL, Cushman & Wakefield, Savills, Colliers.
- How much do brokerage estimates differ for office space in New Jersey?
- For Q1 2026, the brokerage sources CREhunt aggregates for New Jersey did not fully agree. Asking-rent estimates differ by $14.47/SF/yr — from $17.64/SF/yr to $32.11/SF/yr. CREhunt reconciles these into a single consensus median rather than relying on any one brokerage.