Jersey City Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • 3.16% Y-o-Y Avg. Asking Rent Change
  • $473M2023 Total Office Sales
  • $220.31Avg. Sale Price/SF

The 5 transactions that closed here throughout 2023 amounted to a total sale volume of $473M. Jersey City office space commanded an average sale price per square foot of $220.31.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • New Jersey Class A & A+ Office Space$39.79
  • New Jersey Class B Office Space$27.52
  • New Jersey Class C Office Space$33.47

Jersey City, NJ Office Asking Rents by Class

Office Spaces for Rent in New Jersey

Jersey City Office Sale Price per SF

  • $220.312023 Avg. Price per SF
  • -42.83%Y-o-Y Avg. PpSF Change
  • $473M2023 Office Sales Volume
  • 52023 Number of Transactions

Jersey City, NJ Sale Price per SF Trend

  • Jersey City Avg. Sale Price per SF in 2023$220.31
  • New Jersey Avg. Sale Price per SF in 2023$141.86
Jersey City office space cost in 2023 marked a -42.83% change compared to the previous year. The sale price for office space in Jersey City averaged $220.31 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide New Jersey average office sale price during the same time period was $141.86 per square foot.

2023 Office Sales Volume

  • Jersey City, NJ Total Office Sales Volume in 2023 $473M
  • Jersey City, NJ Total Number of Office Sales Closed in 2023 5
A total of 5 deals closed on the Jersey City office market in 2023, adding up to a yearly sales volume of $473M. Notably, the largest transaction on the market saw Harborside 6 change hands for $46,000,000 on 9/26/2023.
Data provided by Commercial Edge

Coworking Spaces in New Jersey

2023 Office Construction in Jersey City, NJ

  • Jersey City, NJ Total SF under construction in 2024 112,630
Largest Office Properties Recently Completed in Jersey City
Office building Address SF Completed
880 Bergen 880 Bergen, 07306 45,000 2018
70 Greene St 70 Greene Street, 07302 3,227 2010
Newport - 480 Washington Blvd 480 Washington Blvd, 07310 1,099,986 2005
Goldman Sachs & Company Building 30 Hudson Street, 07302 1,750,000 2004
30 Hudson 30 Hudson Street, 07302 1,560,435 2004
Newport - 100 Town Square Place 100 Town Square Place, 07310 90,000 2003
Harborside Financial Center 10 3 2nd Street, 07302 575,000 2002
Colgate Center on the Hudson 70 Hudson Street, 07302 438,158 2001
Newport - 499 Washington Blvd 499 Washington Blvd, 07310 550,000 2000
Colgate Center on the Hudson 90 Hudson Street, 07302 435,517 1999

Worth noting among recent office completions on the Jersey City market is 880 Bergen, which is currently the largest new office development in the city, at 45,000 square feet.

Data provided by Commercial Edge

See reports for other 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 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Jersey City 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.