New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
NJ Industrial Shows No Signs of a Letup
Industrial vacancy in Northern and Central New Jersey dropped another 20 basis points to end the first quarter at 3.6%, Cushman & Wakefield reported. One submarket, the Upper 287 Corridor, came in at 0.7% after a 610-bp decline in vacancies over the past two years.
“As the New Jersey industrial market lies within the largest consumer base and one of the busiest ports of entry in the United States, market fundamentals should remain strong throughout the year,” said Andrew Judd, Cushman & Wakefield’s New Jersey market leader. “We anticipate that leasing totals will remain on pace with previous recent quarters.”
Even as more new supply comes on line, much of it is already spoken for. Sixty-eight percent of the 2.5 million square feet delivered during Q1 has been leased up. Another 8.5 million square feet of industrial product is under construction, with 54% pre-leased.
For comments, questions or concerns, please contact Paul Bubny
- ◦Development
- ◦Lease
