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Q4 2021 New Jersey Industrial Market Report

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Unprecedented occupier demand for industrial product in New Jersey persists. At the same time, constrained supply resulted in a reduction of the square footage leased during the fourth quarter.

Unprecedented occupier demand for industrial product in New Jersey persists. At the same time, constrained supply resulted in a reduction of the square footage leased during the fourth quarter.

The decline in leasing activity was widely anticipated and was driven by the lack of available space in the market. Total activity reached 7.4 million square feet (MSF), down 39.6% from last year. Still, record demand during the year boosted the full year leasing total to 47.7 MSF, marking the second highest annual leasing total on record. With fewer available options for occupiers to choose from, renewal activity continued to increase. Renewals accounted for 41.8% of the total leasing activity, compared to 36.5% last quarter and 26.3% the prior year. Major renewals completed this quarter included Petco’s 1,000,000 SF extension at 257 Prospect Plains Road in Cranbury and Keurig Green Mountain’s 905,000 SF renewal at 100 West Manor Way in Robbinsville.
 

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Q4 2021 New Jersey Industrial Market Report

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