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NJ Office, Industrial: A Tale of Two Sectors in Q2

New Jersey’s office and industrial sectors represented a study in contrasts during the second quarter, according to newly issued reports from Colliers International. Office leasing volume in Northern New Jersey marked the lowest level on record, with Central New Jersey volume representing a multi-year low, while industrial volume was up 11.7% from Q1.

“Industrial product has been the silver lining for the commercial real estate industry during the COVID-19 pandemic,” wrote John Obeid, senior research director at Colliers. “While headwinds were felt in the office and retail spaces, industrial market fundamentals continued to improve.

“In all probability, New Jersey’s industrial won’t escape this economic downturn unscathed, but it will fare better than other property types during this period and the long-term outlook remains positive,” he continued.

That said, both office and industrial saw year-over-year increases in asking rents during Q2.

Photo courtesy of Rockefeller Group.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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