2020 Office Space Rent & Sales
- $23.72 2020 Avg. Asking Rent
- 4.63% Y-o-Y Avg. Asking Rent Change
- 20.02% 2020 Office Vacancy Rate
- $28.9M2020 Total Office Sales
- $81.18Avg. Sale Price/SF
Piscataway office price per square foot in 2020 was $23.72 on average. This marked a +4.63% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 20.02% across all asset classes combined. The 3 transactions that closed here throughout 2020 amounted to a total sale volume of $28.9M. Piscataway office space commanded an average sale price per square foot of $81.18.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Piscataway Class A Office Space$25.17
- Piscataway Class B Office Space$23.43
- Piscataway Class C Office Space$19.91
- New Jersey Class A Office Space$36.84
- New Jersey Class B Office Space$26.76
- New Jersey Class C Office Space$20.32
Piscataway, NJ Office Asking Rents by Class
Average office rent in Piscataway rested at $23.72 per square foot in 2020. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Piscataway averaged $25.17 per square foot. Across all submarkets, class B office space recorded an average asking rent of $23.43 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $19.91 per square foot, on average. Comparably, statewide New Jersey average office rents by class in 2020 were: $36.84 per square foot for class A office space; $26.76 per square foot for class B office space; $20.32 per square foot for class C office space.
Piscataway Office Sale Price per SF
Piscataway, NJ Sale Price per SF Trend
- Piscataway Avg. Sale Price per SF in 2020$81.18
- New Jersey Avg. Sale Price per SF in 2020$160.78
2020 Office Sales Volume
- Piscataway, NJ Total Office Sales Volume in 2020 $28.9M
- Piscataway, NJ Total Number of Office Sales Closed in 2020 3
Largest Piscataway Office Sales in 2020
|One Centennial Plaza - Buildings B & C||1 Centennial Avenue||5/27/2020||$22,250,000|
|225 Old New Brunswick Road||225 Old New Brunswick Road||9/15/2020||$3,875,000|
|275 Old New Brunswick Road||275 Old New Brunswick Road||12/3/2020||$2,800,000|
2020 Office Construction in Piscataway, NJ
- Piscataway, NJ Total SF completed in 2020
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Piscataway office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
|201 Centennial Avenue||201 Centennial Avenue, 08854||160,975||2010|
|140 Centennial Avenue||140 Centennial Avenue, 08854||87,501||2006|
|10 Constitution Avenue||10 Constitution Avenue, 08854||92,083||1990|
|One Centennial Plaza - Buildings B & C||1 Centennial Avenue, 08854||236,961||1986|
|Washington Plaza||1551 South Washington Avenue, 08854||200,000||1986|
|Raritan Valley Corporate Center||371 Hoes Lane, 08854||139,184||1986|
|399 Hoes Lane||399 Hoes Lane, 08854||62,242||1985|
|Piscataway Center II||377 Hoes Lane, 08854||61,200||1984|
|20 New England Avenue||20 New England Avenue, 08854||44,496||1984|
|425 Hoes Lane||425 Hoes Lane, 08854||152,620||1983|
Worth noting among recent office completions on the Piscataway market is 201 Centennial Avenue, which is currently the largest new office development in the city, at 160,975 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 Piscataway 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.