New Jersey Office MarketBeat Q1 2026

Cushman & Wakefield's Q1 2026 New Jersey office market report documents overall vacancy at 21.8% (50 basis points below year-ago levels), asking rents at $32.43 per square foot, and 371,986 square feet of negative absorption during the quarter, with Class A properties commanding an 11.5% premium and accounting for 59.7% of leasing volume. The state's labor market remained stable at 4.6 million jobs with education and health services posting 3.5% year-over-year growth, while Northern New Jersey vacancy declined 140 basis points year-over-year to 21.3% and Central New Jersey vacancy rose 80 basis points year-over-year to 22.5%, with demand concentrated in well-located, transit-accessible high-quality office buildings reflecting an ongoing flight-to-quality trend.