PARSIPPANY, NJ—It’s getting more expensive than ever to lease office space in New Jersey’s largest city, Newark, according to new research by Transwestern. Average asking rents in the “Brick City” surpassed $30 per square foot in the quarter, for just the second time since 2001.
Buoyed by strong quarterly and year-over-year rent increases in Newark, the Parsippany submarket, and the Union/Parkway Corridor, New Jersey office rents in general have rebounded to near-record highs, according to Transwestern’s Second-Quarter 2018 Office Market Report.
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