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)
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
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 |
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 |
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 |
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.