Northeast Industrial Corridor Enters 2021 Like Gangbusters
The Northeast industrial corridor, comprised of New York City, North and Central New Jersey, Eastern Pennsylvania and Greater Boston, started 2021 like gangbusters, according to CBRE’s latest Northeast U.S Logistics MarketView Snapshot. Leasing continued to outpace supply, overall rents continued to climb and demand was insatiable, CBRE reported.
The first-quarter vacancy rate was just 3.9% along the corridor. The average asking rent climbed by $0.60 per square foot from Q4 to end the first quarter at $8.81 per square foot.
“Northern New Jersey alone posted leasing activity of 3.0 million square feet, an increase of 84% over Q4 2020,” said CBRE vice chairman Thomas Monahan. “Central New Jersey posted a new all-time high average asking rent for Class A industrial space, which climbed 8.8% and closed the first quarter at $10.42 per square foot, while Northern New Jersey broke the $15-per-square-foot mark for the first time.”
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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