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NJ Q4 2021 New Jersey Multifamily Market Report

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New Jersey’s multifamily market closed out 2021 with strong demand and absorption figures, amid a heightened construction pipeline.

New Jersey’s surging demand can be attributed to the outflow of occupants from higher priced dense urban housing in the New York Metro area. Occupancy rates posted remained at record levels, despite the record amount of new supply added to the market. At 98.2%, the market occupancy reached its highest level in 20 years, with all submarkets posting occupancy rates over 97%.

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NJ Q4 2021 New Jersey Multifamily Market Report

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Felix Soto

Research Manager

Woodbridge

Felix joined Colliers International in 2014 as a Research Analyst in the Parsippany office.  Felix assists in gathering and providing market data, as well as assisting brokers in completing various research requests.   

Prior to joining Colliers, Felix worked as a Habilitation Counselor for Rutgers Biomedical and Health Science, where he facilitated and developed multidisciplinary treatment plans with case management clients.  While at the University, Felix provided crisis outreach to assist in recognizing and intervening in potential crisis situations.  Felix moved on to become a Site Manager at Easter Seals of New Jersey, where his primary focus was ensuring services were in compliance with all licensing, policies, and providing utilization and statistical information to achieve financial sustainability. 

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