2020 Office Space Rent & Sales
- $26.14 2020 Avg. Asking Rent
- 11.38 % 2020 Office Vacancy Rate
Montvale office price per square foot in 2020 was $26.14 on average. The local office market recorded an average vacancy rate of 11.38 % across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Montvale Class B Office Space$26.14
- New Jersey Class A Office Space$36.84
- New Jersey Class B Office Space$26.76
- New Jersey Class C Office Space$20.32
Montvale, NJ Office Asking Rents by Class
2020 Office Construction in Montvale, NJ
- Montvale, NJ Total Sqft completed in 2020
- Montvale, NJ Total Sqft under construction in 2021 41,025
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Montvale office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space. Looking forward, development activity throughout 2021 is estimated to add 41,025 square feet of office space to the market, before year-end.
|Workplace North Market||200 Market Street, 07645||52,025||2021|
|305 West Grand Avenue||305 West Grand Avenue, 07645||27,200||2001|
|11 Philips Pkwy||11 Philips Pkwy, 07645||65,000||1998|
|Montvale III||3 Paragon Drive, 07645||97,794||1988|
|25 Philips Pkwy||25 Philips Pkwy, 07645||51,160||1988|
|14 Philips Pkwy||14 Philips Pkwy, 07645||38,000||1988|
|3 & 51 Chestnut Ridge||3 Chestnut Ridge Road, 07645||281,000||1986|
|221 West Grand Avenue||221 West Grand Avenue, 07645||27,798||1986|
|5 Paragon Drive||5 Paragon Drive, 07645||119,089||1984|
|10 Paragon Drive||10 Paragon Drive, 07645||40,281||1984|
Worth noting among recent office completions on the Montvale market is Workplace North Market, which is currently the largest new office development in the city, at 52,025 square feet.
See reports for nearby markets
This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Montvale commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.