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NJ Q3 2022 New Jersey Under Construction Market Report

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Occupancy gains continued to be driven by occupied new deliveries, as sixteen buildings were delivered this quarter totaling nearly 6.0 million square feet (MSF), while only 45% of the space was delivered vacant.

This was an improvement from the previous quarter, as pre-leasing totaled 2.2 MSF, and was led by Shopify’s 1.2 MSF lease at 3000 Rand Boulevard in Phillipsburg and Samsung’s 735,200 SF lease at 700 Linden Logistics Way in Linden. New Jersey had 60 buildings under construction totaling 15.2 MSF at the end of the third quarter, with 20 of those projects breaking ground during the quarter registering 4.8 MSF. Eighteen projects are set to be completed next quarter, adding 6.1 MSF of much-needed inventory.


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NJ Q3 2022 New Jersey Under Construction Market Report

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