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.
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-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 15-20 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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