Princeton Office Market Trends

Office Rental Market

  • $32.11 2019 Avg. Asking Rent
  • 22.47 % 2019 Avg. Vacancy Rate
  • 0 2019 Office Completions (Sqft)
  • 0 2020 Estimated Pipeline (Sqft)
In 2019, the average asking rent for office space in Princeton was $32.11 per square foot, and the office vacancy rate across the market averaged 22.47 %. During 2019, developers added 0 square feet of new office space to the Princeton market inventory. Office developments estimated for delivery during 2020 total 0 square feet.

Average Office Asking Rents by Class

2019 Average Office Rent per Square Foot

  • Princeton Class A Office Buildings$31.20
  • Princeton Class B Office Buildings$29.93
  • NJ Class A Office Buildings$34.44
  • NJ Class B Office Buildings$27.61
  • NJ Class C Office Buildings$19.72

Princeton, NJ Office Asking Rents by Class

OFFICE CONSTRUCTION IN Princeton, NJ

  • Princeton, NJ Total Sqft completed in 2019 0
  • Princeton, NJ Total Sqft under construction in 2020 0
10 Largest Office Buildings in Princeton
Building name Address Total Sqft Year built
Bristol-Myers Squibb Research & Development Headquarters 3551 Lawrenceville Road, 08648 1,670,000 1995
Princeton Forrestal Village 155 Village Blvd, 08540 549,328 1987
200-250 Plainsboro Road 200-250 Plainsboro Road, 08540 492,110 1957
Research Park 1101 US Route 206, 08540 425,000 1969
University Square 1 University Square Drive, 08540 331,872 2007
1 University Square Drive 1 University Square Drive, 08540 328,181 2006
The Commons 7 Roszel Road, 08540 303,756 1999
Carnegie Center - 510 Carnegie Center 510 Carnegie Center, 08540 263,787 1999
Munich Re Headquarters 555 College Road East, 08540 255,459 1985
Princeton Forrestal Center - Arbor 600 600 College Road East, 08536 253,450 1984
Largest Office Properties Recently Completed in Princeton
Office building Address Sqft Completed
Forrestal Corporate Center - Beacon 3 NWC Scudders Mill Road & Campus Road, 08540 40,380 2021
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
University Square 1 University Square Drive, 08540 331,872 2007
Carnegie Center - 902 Carnegie Center 902 Carnegie Center, 08540 135,399 2007
Data provided by Commercial Edge

Office Spaces for Rent in New Jersey

PRINCETON OFFICE SALES TRENDS

  • $204.852019 Avg. Price per Sqft
  • 129.16 %Y-o-Y Avg. PpSF Change
  • $130.7M2019 Office Sales Volume
  • 72019 Number of Transactions

In 2019, office sales in Princeton averaged $204.85 per square foot. This marked a 129.16 % increase in office price per square foot, compared to the previous year. A total of 7 office sales closed on the Princeton office market in 2019, amounting to a total sales volume of $130.7M.

Average Office Sale Price per Sqft

Princeton, NJ Sales Trends

  • Princeton Price per Sqft$204.85
  • New Jersey Price per Sqft$141.98

Office Sales - Trend and Volume

  • Princeton, NJ Total Office Sales Volume in 2019 $130.7M
  • Princeton, NJ Total Number of Office Sales Closed in 2019 7

Largest Princeton Office Sales in 2019

Property name Address Date Price
Princeton Corporate Campus at Princeton Forrestal Center - 1100 Campus Road 1100 Campus Road 10/7/2019 $47,533,120
20 Nassau Street Professional Building 20 Nassau Street 10/31/2019 $32,000,000
Princeton Corporate Center - 1 Independence Way 1 Independence Way 8/8/2019 $19,450,000
600 & 619 Alexander Road 600 Alexander Road 10/15/2019 $12,000,000
Princeton Corporate Center - 5 Independence Way 5 Independence Way 1/4/2019 $9,686,250
Data provided by Commercial Edge

See trends for nearby markets

The Princeton office market contains an inventory of 11,868,980 square feet of office space, in 209 buildings that are equal to or larger than 25,000 square feet.

This market trends report is based on analysis of city-level data. Averages were calculated based on values dated January 1st 2019 through December 31st 2019. Construction pipeline data shown is valid as of April 2020. The information on this page was compiled using data provided by our sister company, CommercialEdge – a market intelligence solution which offers comprehensive 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.