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NJ Q4 2022 New Jersey Industrial Market Report

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Unprecedented occupier demand for industrial product in New Jersey continued through 2022.

However, constrained supply resulted in a reduction of the square footage leased during the year. Tenants searching for space closest to the Ports are contending for limited supply as record high rental rates persist throughout the State. With a limited amount of inventory, developers continued their push of delivering modern last-mile distribution centers, as record deliveries during the year boosted the full-year totals to 59 buildings, totaling 15.9 million square feet (MSF). This may be short lived as municipalities throughout the State have begun imposing ordinances to slow the spread of industrial construction, while developers may also begin to pullback due to higher capital cost and construction pricing.


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NJ Q4 2022 New Jersey Industrial Market Report

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