Commercial real estate news releases from Avison Young

Quarterly and topical research insights to help your business gain competitive edge in commercial real estate.

Avison Young releases Second Quarter 2022 Office Market Report for New Jersey

Avison Young releases Second Quarter 2022 Office Market Report for New Jersey August 1, 2022

As company priorities shift, vacancy rates remain elevated

Morristown, NJ – Avison Young has released its Second Quarter 2022 Office Market Report for New Jersey. The report highlights how the hybrid model influences workplace strategy, investors evaluating office properties for potential conversion opportunities, and how workforce preferences help guide leasing decisions.

“Right now, we are experiencing a downturn in office leasing velocity and a 30% decrease in investment sales volume when compared to this time in 2021, despite asking rents remaining steady and strong investment activity,” said Jeff Heller, Principal & Managing Director, Avison Young. “As corporate users reimagine their workplace strategy, they’re weighing more options on how to best leverage their office space assets.”

One such highlight illustrates that as companies reduce office space and adapt to changing workplace needs, more collaboration areas are being introduced and access to transit remains as a top priority for employees returning to the office. However, suburban areas are most affected by vacancies, while transit-oriented areas where workers live, and play are more frequently returned to. With over 47 million-square-feet of vacant space on the market, the report also shares how investors and landlords are increasingly acquiring assets to reposition them for industrial, medical, or residential use.

Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.

Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.

Follow Avison Young

Twitter (News) Twitter (Deals) Blog LinkedIn YouTube Instagram

Media contact:

  • Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697

For more information:

  • Download New Jersey 2022 2nd Quarter Office Market Report here.
  • Jeff Heller, Principal & Managing Director, City: +1.973.753.1100