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NJ Q2 2021 New Jersey Office Market Report

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As we move ahead and employees start to re-populate office buildings, the impact the pandemic had over the last 15 months is clear. Large blocks of sublease space flooded the market during this time, though the pace has shown signs of slowing down. Renewal activity persisted, as tenants delayed significant real estate decisions, while reassessing space needs. Businesses and landlords are eager to put the pandemic in their rearview mirror, and there is some hope that with a vaccine, the market will make a turnaround during the second half of 2021. Still, it remains to be seen how demand will be impacted by companies taking a new approach to flexible work from home programs.

As New Jersey starts to re-emerge from the pandemic and with employees slowly returning to the office, the amount of newly available large blocks of space slowed during the last month of the second quarter. Still, the uncertainty has resulted in a glut of sublease space returning to the market, which now accounts for 17.2% of the total available space – the highest level since the height of the global financial crisis in 2009. 
 

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NJ Q2 2021 New Jersey Office Market Report

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