2020 Office Space Rent & Sales
- $21.62 2020 Avg. Asking Rent
- 1.17% Y-o-Y Avg. Asking Rent Change
- 23.74% 2020 Office Vacancy Rate
Somerset office price per square foot in 2020 was $21.62 on average. This marked a +1.17% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 23.74% across all asset classes combined.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Somerset Class A Office Space$21.08
- Somerset Class B Office Space$21.77
- Somerset Class C Office Space$22.06
- New Jersey Class A Office Space$36.84
- New Jersey Class B Office Space$26.76
- New Jersey Class C Office Space$20.32
Somerset, NJ Office Asking Rents by Class
Average office rent in Somerset rested at $21.62 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 Somerset averaged $21.08 per square foot. Across all submarkets, class B office space recorded an average asking rent of $21.77 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.06 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.
2020 Office Construction in Somerset, NJ
- Somerset, 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 Somerset office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
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 Somerset 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.