Commercial Real Estate Market in Pennington, NJ
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
23 active listings and 205 off-market properties in Pennington, NJ. Commercial property asks $31/SF to buy and $12.50/SF/Yr to lease.
Market Trends
Pennington, NJ spans 21.8 square miles in Mercer County, New Jersey. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Pennington, NJ runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Vacancy Rate % in Northeast region
Retail
Retail vacancy in Pennington, NJ runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Pennington, NJ runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily space in Pennington, NJ asks $167/SF to buy. Vacancy runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 78%
- Commercial 10.7%
- Mixed use 2%
Largest Zones share of zoned land by district
Residence Zone
Residence Zone
Education Zone
Office Building Zone
Highway Business Zone
Pennington, NJ zones 627 acres across 14 districts. Commercial zoning covers 10.7% of zoned land, residential 78%. The largest single district is Residence Zone at 40.8%. For commercial buyers the practical constraint is that only 10.7% of land carries a commercial or industrial designation.
Market overview
Demographics & Economy
Pennington, NJ has 12,955 residents in 5,107 households. Density runs 595 people per square mile. Median household income here is $180,491 and median gross rent $2,106 a month.
12,955
Population
5,107
Households
2.5
Avg Household Size
45
Median Age
72%
College-Educated
97%
High-School Grad
21.8 sq mi
ZIP Area
595
Density / Sq Mi
$180,491
Median Household Income
$94,154
Median Earnings
$2,106
Median Rent
$573,100
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Lawrence Township | — | $15.86 |
| Washington Crossing | — | — |
| Hopewell Township | — | — |
| Hopewell | — | — |
Commercial property in Pennington, NJ asks $31/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Pennington?
Commercial property in Pennington, NJ asks an average of $31 per square foot. The 6 most recent recorded sales traded at a median of $211/SF. Multifamily carries the highest asking price at $167/SF.
How much does it cost to lease commercial space in Pennington?
Asking lease rates in Pennington, NJ average $12.50 per square foot per year.
What zoning applies to commercial property in Pennington?
Pennington, NJ zones 627 acres across 14 districts, of which 10.7% is commercial and 0% industrial. The largest single district is Residence Zone at 40.8% of zoned land. Residential zoning covers 78% and open space 0%.
Where does Realmo's Pennington market data come from?
Realmo compiles Pennington, NJ figures from 8 recent recorded sales, 16 active sale listings, 7 active lease listings, 205 tracked off-market properties, the current Pennington zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 16 active for-sale and 7 active for-lease listings in Pennington, NJ. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 627 zoned acres across 14 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
