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occupied at Triad1828 Centre. The vacancy rate will taper in the second $21 15%
half of the year as The Michaels Organization and Conner Strong & $20 12%
Buckelew occupy the new HQ. Conner Strong’s former space at 40 Lake
$19 9%
Center Drive is set to be backfilled by Freedom Mortgage, the building’s
$18 6%
owner.
2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19
at 111 Woodcrest Road, among others. This quarter also saw a 150
continuation of smaller, new-to-market tenants signing for office space 0
locally, such as California-based start-up Clutter, which occupied 4,800
-150
SF at 8 E Stow Road, and Maryland-based MaxSent, taking 2,075 SF at
139 Gaither Drive. -300
-450
Capital markets activity in the Southern New Jersey office sector 2Q09 2Q10 2Q11 2Q12 2Q13 2Q14 2Q15 2Q16 2Q17 2Q18 2Q19
SUBMARKET STATISTICS
Total Under Total Qtr YTD Class A Class B Total
Inventory Construction Vacancy Absorption Absorption Asking Rent Asking Rent Asking Rent
(SF) (SF) Rate (SF) (SF) (Price/SF) (Price/SF) (Price/SF)
14.0% Manufacturing
7.2%
Multifamily development is essential to activating a live-work-play Trade/T ransportation/Utilities
3.5%
dynamic in the market. The immense success of Haddon Town Center, Information
9.1%
a 252-unit multifamily development that delivered in late 2017, speaks 22.7% Financial Activities
to the demand for housing with exceptional transportation and strong Business & Professional
retail access. Davis Enterprises recently obtained approvals to build Education/Health
18.3%
144 apartments on Fellowship Road in the Mount Laurel office 5.5% 1.3% Leisure/Hospitality
submarket. New housing stock, coupled with the dense retail 14.0%
Other Services
environment, recently enriched by the opening of new grocery stores
Government
and a Topgolf, and excellent accessibility to the Turnpike and the
region’s most concentrated nexus of office inventory, will likely prove
Source: U.S. Bureau of Labor Statistics
advantageous in growing the live-work-play appeal of Southern New
Jersey.
UNEMPLOYMENT RATE PAYROLL EMPLOYMENT
Not Seasonally Adjusted Total Nonfarm, Not Seasonally Adjusted, 12-Month % Change
12%
6%
10%
4%
8%
6% 2%
4% 0%
2% -2%
Apr-14 Apr-15 Apr-16 Apr-17 Apr-18 Apr-19
-4%
United States Camden, NJ, Met ropolitan Division May-14 May-15 May-16 May-17 May-18 May-19
U.S. Camden, NJ, Met ro Division
Source: U.S. Bureau of Labor Statistics
Source: U.S. Bureau of Labor Statistics
16
17
18
de
YT
20
20
20
20
Un
19
Newmark Knight Frank has implemented a proprietary database and our tracking methodology has been revised. With this expansion and refinement in our data, there may be adjustments in
historical statistics including availability, asking rents, absorption and effective rents. Newmark Knight Frank Research Reports are available at www.ngkf.com/research
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