New Jersey’s industrial market continued to show remarkable market fundamentals amid supply constraints which resulted in a reduction of the square footage leased during the second quarter.
- A decline in leasing activity was anticipated and was driven by the lack of available space, as leasing volume totaled 8.2 million square feet (MSF). • Despite a slowdown in leasing activity, positive net absorption continued this quarter for the 38th consecutive quarter at 2.0 MSF.
- The availability rate remained at all time lows, closing the second quarter at 3.0%, an improvement of 50 basis points from last year.
- The average asking rent for industrial space in New Jersey remained above $12.00/SF for the third consecutive quarter and is up 24.8% year-over-year to $12.93/SF.
- The State had 12 buildings complete construction this quarter totaling 2.4 MSF, as 16 new projects broke ground registering 1.9 MSF.