Princeton Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $36.69 2024 Avg. Asking Rent
  • 0.02% Y-o-Y Avg. Asking Rent Change
  • 26.59% 2024 Office Vacancy Rate
  • $56.4M2024 Total Office Sales
  • $237.91Avg. Sale Price/SF

Princeton office price per square foot in 2024 was $36.69 on average. This marked a +0.02% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 26.59% across all asset classes combined. The 3 transactions that closed here throughout 2024 amounted to a total sale volume of $56.4M. Princeton office space commanded an average sale price per square foot of $237.91.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Princeton Class A & A+ Office Space$38.24
  • Princeton Class B Office Space$32.45
  • Princeton Class C Office Space$27.76
  • New Jersey Class A & A+ Office Space$40.95
  • New Jersey Class B Office Space$28.64
  • New Jersey Class C Office Space$21.12

Princeton, NJ Office Asking Rents by Class

Average office rent in Princeton rested at $36.69 per square foot in 2024. 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 Princeton averaged $38.24 per square foot. Across all submarkets, class B office space recorded an average asking rent of $32.45 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $27.76 per square foot, on average. Comparably, statewide New Jersey average office rents by class in 2024 were: $40.95 per square foot for class A office space; $28.64 per square foot for class B office space; $21.12 per square foot for class C office space.

2024 Office Vacancy Rates in Princeton

Submarket Asking Rents Vacancy Rates
Princeton $36.94 26.17%
Trenton $26.96 19.60%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Princeton market was 26.59% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Princeton was 19.60% in the Trenton submarket, while the highest office vacancy in the market was 26.17%, recorded in Princeton.

Office Spaces for Rent in New Jersey

Princeton Office Sale Price per SF

  • $237.912024 Avg. Price per SF
  • 34.04%Y-o-Y Avg. PpSF Change
  • $56.4M2024 Office Sales Volume
  • 32024 Number of Transactions

Princeton, NJ Sale Price per SF Trend

  • Princeton Avg. Sale Price per SF in 2024$237.91
  • New Jersey Avg. Sale Price per SF in 2024$104.86
Princeton office space cost in 2024 marked a +34.04% change compared to the previous year. The sale price for office space in Princeton averaged $237.91 per square foot in 2024, across all market subdivisions and asset classes. Conversely, the statewide New Jersey average office sale price during the same time period was $104.86 per square foot.

2024 Office Sales Volume

  • Princeton, NJ Total Office Sales Volume in 2024 $56.4M
  • Princeton, NJ Total Number of Office Sales Closed in 2024 3
A total of 3 deals closed on the Princeton office market in 2024, adding up to a yearly sales volume of $56.4M. Notably, the largest transaction on the market saw Princeton Overlook I change hands for $33,416,000 on 11/20/2024.
Data provided by Commercial Edge

Coworking Spaces in New Jersey

2024 Office Construction in Princeton, NJ

  • Princeton, NJ Total SF under construction in 2025 50,599
Largest Office Properties Recently Completed in Princeton
Office building Address SF Completed
8 Forrestal Road South 8 Forrestal Road South, 08540 43,400 2022
Carnegie Center - 300 Carnegie Center 300 Carnegie Center, 08540 88,274 2013
Bunn Drive Medical Arts Complex 800 Bunn Drive, 08540 30,000 2010
University Square 1 University Square Drive, 08540 331,872 2007
902 Carnegie Center 902 Carnegie Center, 08540 135,399 2007
Princeton Metro Center III 821 Alexander Road, 08540 44,448 2001
100 College Road West 100 College Road West, 08540 154,101 2000
731 Alexander Road 731 Alexander Road, 08540 100,000 2000
Princeton Plaza - Building 1 & 2 731 Alexander Road, 08540 100,000 2000
700 Alexander Park 700 Alexander Park Drive, 08540 71,934 2000

Worth noting among recent office completions on the Princeton market is 8 Forrestal Road South, which is currently the largest new office development in the city, at 43,400 square feet.

Data provided by Commercial Edge

See reports for other 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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Princeton 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.