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NJ Industrial Leasing Hits Quarterly High
Even with vacancies at historic lows, New Jersey’s industrial sector still had enough space available to generate a new quarterly high for leasing volume. Cushman & Wakefield reported that third-quarter volume reached 8.8 million square feet, with year-to-date absorption also reaching a new record of 13.6 million square feet.
Q3 saw eight new leases larger than 300,000 square feet. The biggest of these was online consignment retailer the RealReal’s 492,534-square-foot commitment to Prologis’ 950 Convery Blvd. in Perth Amboy (pictured).
“With very little existing available space in almost every New Jersey submarket, industrial tenants have become much more decisive in their approach to leasing,” said Stan Danzig, vice chairman at Cushman & Wakefield. “Every worthwhile building has multiple prospects.”
Meanwhile, new construction continues. With 9.1 million square feet of construction deliveries YTD, New Jersey is on pace for its largest annual new development total this century.
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