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NJ Industrial Market Reaches New Highs
New Jersey’s industrial sector continues to reach new highs, CBRE and Cushman & Wakefield say in separate second-quarter reports. Although metrics may differ between the two reports, the conclusions are similar: continued high demand for space, resulting in vacancies at or near historic lows.
“As market fundamentals remain incredibly strong, although fluctuating, New Jersey’s industrial market continued to break records with higher asking rents and very low availabilities for quality product,” said Mindy Lissner, EVP at CBRE.
“Given New Jersey’s central location, at the epicenter of the Northeast distribution corridor, and strong demand by e-commerce and logistics users, the market is poised to remain robust for the foreseeable future,” she added.
Similarly, Cushman & Wakefield’s Andrew Judd said, “Growth in online sales and the need for next-day and same-day delivery persists for retailers. This was a major driver in year-to-date leasing activity reaching its highest total in three years.”
Pictured: 1 Costco Way in Monroe Township, NJ, where Geodis Logistics renewed for 611,320 square feet
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