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NJ Industrial Outperforms National Average in Vacancies, Rents
Industrial vacancies nationwide posted a slight uptick during the first quarter, the first since 2010, and New Jersey was no exception with a 10-basis point increase to 3.8%. However, Transwestern notes that’s 100 bps below the national vacancy rate and lower than all but eight local markets, while year-over-year rent growth was 250 bps higher than the national average of 5.7%.
Among U.S. industrial markets of greater than 500 million square feet, New Jersey’s average asking rents of $8.23-per-square-foot ranked second only to Los Angeles as of Q1, says Transwestern. All but one of 25 New Jersey submarkets reported asking rents higher than the U.S. average.
As Q1 ended, the U.S. had a record 405.4 million square feet of industrial product under construction. New Jersey’s tally of eight million square feet under construction ranked it seventh in the U.S., Transwestern says.
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