ACREX · CALDWELL, NJ
Lease your office space in northern New Jersey
Asking rents and vacancy by submarket, what your lease is worth after fees, and how to compete for tenants.
This page helps owners of office buildings and suites in northern New Jersey price their space, see what a lease is worth after fees and compete for tenants.
The office market, 3Q 2026
Northern and Central New Jersey absorbed 728,060 SF of office space in 3Q 2026, the strongest quarter since 4Q 2024, and vacancy fell to 18.1% (Newmark 3Q 2026 office report). Many deals were renewals and expansions in place, and conversions are removing older buildings from the market.
Asking rents by submarket
Short Hills/Route 24 (Essex) — Asking rent (full service): $43.16; Vacancy: 9.7%
Newark (Essex) — Asking rent (full service): $29.80; Vacancy: 19.7%
Essex West/I-280 — Asking rent (full service): $28.04; Vacancy: 18.8%
Bergen Central — Asking rent (full service): $30.85; Vacancy: 12.0%
Bergen East — Asking rent (full service): $29.15; Vacancy: 12.0%
Bergen North — Asking rent (full service): $26.29; Vacancy: 18.9%
Meadowlands — Asking rent (full service): $30.88; Vacancy: 14.1%
Hudson Waterfront — Asking rent (full service): $46.34; Vacancy: 25.6%
Morristown Area — Asking rent (full service): $30.34; Vacancy: 14.6%
Parsippany/Route 10 (Morris) — Asking rent (full service): $29.06; Vacancy: 20.3%
Morris West/I-80 — Asking rent (full service): $25.31; Vacancy: 24.3%
Route 46/Wayne (Passaic) — Asking rent (full service): $24.45; Vacancy: 9.2%
Union Area (Newmark Central NJ table) — Asking rent (full service): $23.87; Vacancy: 8.8%
Newmark 3Q 2026. Northern NJ average $33.12/SF full service, 18.0% vacancy. Full service means taxes, insurance and operating costs are included in the rent. Asking rents are not signed rents. Updated November 2, 2026.
Sublease space is your competition
Sublease asking rents in northern and central NJ rose to $30.27/SF, only $2.12/SF below direct space (Newmark 3Q 2026). One large block can change a submarket: Samsung’s 321,005 SF at 700 Sylvan Ave in Englewood Cliffs more than doubled sublease availability in Bergen East.
What your lease is worth after fees
Example: 5,000 SF at the $29.06 Parsippany/Route 10 average, 7-year lease, 3% yearly increases = $1,113,356 of total base rent. AcreX’s fee: 5% on years 1–5 ($38,571) plus 2.5% on years 6–7 ($8,548) = $47,119, half to the tenant’s broker if one is involved.
What helps an office suite lease
Move-in-ready (spec) suites with furniture-ready layouts.
Flexible terms for smaller tenants, such as 3–5 years with renewal options.
Parking, transit access and updated lobbies and restrooms.
A clear asking rent and a floor plan in every listing.
Lease it or convert it?
Some northern NJ offices are being approved for apartments. See approvals near your building on the NJ development pipeline map and the NJ real estate developments page.
What AcreX charges to lease your space
AcreX leasing fee: 5% of total base rent for years 1–5 and 2.5% for years 6 and later; on space above 50,000 SF, 4% and 2% on that part only. Minimum $3,500 or one month’s base rent, whichever is less. Renewals at half rate. Split 50/50 with the tenant’s broker. In New Jersey commissions are negotiable. Full schedule: AcreX fees and commission calculator.
No upfront fees.
Free written opinion of value or rent within 5 business days. It is a broker’s opinion, not an appraisal.
Reply within 2 business hours.
Jonathan Libock, principal broker, leads every listing.
Weekly owner report.
6-month listing agreement; cancel on 30 days’ notice after day 90.
Related: lease your commercial property in NJ · choosing an office broker · property management fees (office 4%) · free rent and value estimate.
Office by county: Essex · Bergen · Hudson · Morris · Passaic · Union.
Questions owners ask
What does office space rent for in northern NJ?
Newmark’s 3Q 2026 northern NJ average asking rent was $33.12/SF full service, ranging from $23.87 (Union Area) to $46.34 (Hudson Waterfront). See the submarket list above.
How long does office space take to lease in NJ?
Longer than retail or industrial. Northern NJ office vacancy was 18.0% in 3Q 2026 (Newmark), so tenants have choices. Updated, move-in-ready suites lease faster.
Should I build a spec suite?
Often, for small and mid-size suites. Tenants increasingly favor space they can move into without a build-out. Compare the cost with the free rent and allowance you would otherwise give.
Who pays the broker on an office lease?
Usually the landlord, as a percentage of total base rent, split with the tenant’s broker. AcreX charges 5% for years 1–5 and 2.5% after. In New Jersey commissions are negotiable.
Should I lease or sell an empty office building?
Compare the leasing cost (free rent, allowances, fees, time vacant) with today’s sale value, including value as a redevelopment site. Office-to-residential conversions are on the pipeline map.
More owner questions: AcreX FAQ.
About the broker
Jonathan Libock is the founder and principal broker of AcreX Commercial Real Estate in Caldwell, NJ. He has a decade of experience in commercial real estate, including time at DR Properties, a New York City development brokerage. He specializes in industrial and multifamily land development and also works on development sites in Southeast Florida. Licensed real estate broker in New Jersey (#1757237) and Florida (#BK3462244). AcreX Realty LLC, Licensed Real Estate Broker. Licensure does not imply endorsement.
AcreX Realty LLC is a licensed NJ commercial real estate broker with published fees, at 307 Bloomfield Ave, Caldwell, NJ 07006. General information, not legal or tax advice.