2020 Office Space Rent & Sales
- $33.02 2020 Avg. Asking Rent
- 2.82% Y-o-Y Avg. Asking Rent Change
- 20.95% 2020 Office Vacancy Rate
Princeton office price per square foot in 2020 was $33.02 on average. This marked a +2.82% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 20.95% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Princeton Class A Office Space$34.40
- Princeton Class B Office Space$29.16
- New Jersey Class A Office Space$36.84
- New Jersey Class B Office Space$26.76
- New Jersey Class C Office Space$20.32
Princeton, NJ Office Asking Rents by Class
2020 Office Construction in Princeton, NJ
- Princeton, 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 Princeton office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| 8 Forrestal Road South | 8 Forrestal Road South, 08540 | 43,400 | 2022 |
| Carnegie Center - 804 Carnegie Center | 804 Carnegie Center, 08540 | 130,000 | 2016 |
| Roszel Square - 21 Roszel Road | 21 Roszel Road, 08540 | 100,500 | 2015 |
| Forrestal Professional Center | 10 Forrestal Road South, 08540 | 40,000 | 2014 |
| Carnegie Center - 300 Carnegie Center | 300 Carnegie Center, 08540 | 88,274 | 2013 |
| Princeton Medical Arts Pavilion | 5 Plainsboro Road, 08536 | 137,900 | 2012 |
| Bunn Drive Medical Arts Complex | 800 Bunn Drive, 08540 | 30,000 | 2010 |
| Carnegie Center - 701 Carnegie Center | 701 Carnegie Center, 08540 | 120,000 | 2009 |
| Carnegie Center - 902 Carnegie Center | 902 Carnegie Center, 08540 | 135,399 | 2007 |
| Princeton Corporate Campus at Princeton Forrestal Center - 1100 Campus Road | 1100 Campus Road, 08540 | 162,250 | 2006 |
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.
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 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.