• New Jersey leasing velocity ended the year at more than 6.64 million sq. ft.—a 2.2% quarter-over-quarter increase.
  • The state recorded its seventh consecutive year of positive absorption in 2017 with a total of 3.80 million sq. ft. absorbed.
  • The availability rate in New Jersey ended the year at 6.7%, a 10 basis-point (bp) drop from Q3 2017.
  • New Jersey’s average asking lease rate declined $0.04 in Q4 2017, to $6.60 per sq. ft., ending an 11-quarter streak of positive growth, but still rose 4.4% year-over-year.
  • In a number of key submarkets, landlords frequently achieved rents above their asking price.
  • 2017 added 9.03 million sq. ft. of inventory to the market, 66.2% of which was pre-committed.