11
13
Despite the higher vacancy rate, the Metropark submarket is
well positioned to maintain its status as Central New Jersey’s
preeminent office marketplace. The close proximity to highways
and public transportation, as well as nearby amenities,
differentiate it from surrounding competitive markets and will
keep this market on the radar screen of office occupiers.
Net new supply, net absorption and total vacancy
Net new supply
Class A office market was Mizuho Bank’s leasing of 30,830 square
feet at 101 Wood Avenue South in Iselin, while Tumi absorbed
25,000 square feet at 499 Thornall Street in Edison.
Meanwhile, the Metropark average asking Class A rental rate
trended higher and was above $35.00 per square foot at year-end
2017, which represented a nearly $0.60 increase from one year
ago. This submarket maintained the highest Class A rental rate in
the Central New Jersey office market.
Net absorption
total vacancy
25.0%
70,000
60,000
20.0%
50,000
40,000
15.0%
30,000
10.0%
20,000
10,000
5.0%
0
0.0%
-10,000
2013
2014
2015
2016
2017