New Jersey 2018 Effective Rent Index

RECORD CONCESSIONS PUSH EFFECTIVE RENT LOWER

Takeaway

Following two consecutive years of steady leasing and sustained rent increases, trends turned to the favor of tenants in the second half of 2017. Leasing activity stumbled and a spike in sublet space availability significantly increased options in the Hudson Waterfront. Leasing activity in Newark gained some ground in 2017, but most buildings still have ample availability. Landlords will have to remain aggressive with concessions in 2018 as they face a spike in availability.

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