2023 Office Space Rent & Sales
- $36.50 2023 Avg. Asking Rent
- -1.99% Y-o-Y Avg. Asking Rent Change
- 27.34% 2023 Office Vacancy Rate
Princeton office price per square foot in 2023 was $36.50 on average. This marked a -1.99% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 27.34% across all asset classes combined.
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
Princeton, NJ Office Asking Rents by Class
2023 Office Vacancy Rates in Princeton
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Princeton | $36.50 | 28.85% |
| Trenton | $25.15 | 29.54% |
Office Spaces for Rent in New Jersey
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Coworking Spaces in New Jersey
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| Office building | Address | SF | Completed |
|---|---|---|---|
| 8 Forrestal Road South | 8 Forrestal Road South, 08540 | 43,400 | 2022 |
| Carnegie Center - 300 Carnegie Center | 300 Carnegie Center, 08540 | 88,274 | 2013 |
| Bunn Drive Medical Arts Complex | 800 Bunn Drive, 08540 | 30,000 | 2010 |
| University Square | 1 University Square Drive, 08540 | 331,872 | 2007 |
| 902 Carnegie Center | 902 Carnegie Center, 08540 | 135,399 | 2007 |
| Princeton Metro Center III | 821 Alexander Road, 08540 | 44,448 | 2001 |
| 100 College Road West | 100 College Road West, 08540 | 154,101 | 2000 |
| Princeton Plaza - Building 1 & 2 | 731 Alexander Road, 08540 | 100,000 | 2000 |
| 731 Alexander Road | 731 Alexander Road, 08540 | 100,000 | 2000 |
| 700 Alexander Park | 700 Alexander Park Drive, 08540 | 71,934 | 2000 |
Worth noting among recent office completions on the Princeton market is 8 Forrestal Road South, which is currently the largest new office development in the city, at 43,400 square feet.
See reports for other markets
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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 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.