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Q2 2022 New Jersey Industrial Market Report

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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.

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Q2 2022 New Jersey Industrial Market Report

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Felix Soto

Research Manager

Woodbridge

Felix joined Colliers International in 2014 as a Research Analyst in the Parsippany office.  Felix assists in gathering and providing market data, as well as assisting brokers in completing various research requests.   

Prior to joining Colliers, Felix worked as a Habilitation Counselor for Rutgers Biomedical and Health Science, where he facilitated and developed multidisciplinary treatment plans with case management clients.  While at the University, Felix provided crisis outreach to assist in recognizing and intervening in potential crisis situations.  Felix moved on to become a Site Manager at Easter Seals of New Jersey, where his primary focus was ensuring services were in compliance with all licensing, policies, and providing utilization and statistical information to achieve financial sustainability. 

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