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NJ Industrial Vacancies Reach Historic Lows
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Industrial vacancies in Northern and Central New Jersey reached historic lows of 3.3% in the second quarter while asking rents have reached new highs, Cushman & Wakefield said. That’s the case even with a shortage of existing modern warehouse space.
“Space options have become limited for larger warehouse tenants,” said Jason Price, director of Cushman & Wakefield’s tristate suburbs research. “Yet while this has dampened new leasing somewhat, renewal activity surged to 3.4 million square feet” in Q2.
Nearly 5.5 million square feet of new industrial product has been built so far in 2018, with 79.2% leased. Currently, 6.5 million square feet is under development, with 45.4% pre-leased.
“The majority of the sites under construction in New Jersey are slated to deliver in the second half of 2018, which should push the annual completions total to a new historic high,” said Price.
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