Pockets of leasing activity push availability downward
Overall availability in the Northern New Jersey market continued a downward trend, declining 250 basis points year over year to 22.9% - its lowest point since mid-2010. Class A availability followed a similar trend, declining 100 basis points over the year to 24.7%. With declining availability, asking rents are pushing higher. Overall market rents increased from $27.89 per square foot (psf) to $29.48 psf year over year, jumping 5.7%. Class A asking rents increased 5.3% over the same period, now at $30.57 psf. Still tenant options remain plentiful even with some alleviation in market availability, as most submarkets are still posting availability rates over 20.0%.