New Jersey Office Figures Q1 2025

Prime assets, the market’s highest-quality assets, continue to outperform the broader market in all facets: boasting lower availability rates, higher rents and steady interest from tenants. Prime buildings accounted for 17% of Q1 leasing activity while representing 9% of the total market size. Availability rate for these top-tier buildings was 500 bps lower than the overall market at 19.5%. Asking rents among prime buildings are $41.41 per sq. ft.—a 30% premium to the overall market. These assets are representative of the desires of tenants: amenities, strong locations, high-quality workspace and vibrant environments