Industrial demand drives positive net absorption with newly delivered supply placing upward pressure on vacancy
- Both Central and Northern New Jersey have consistently experienced positive net absorption for the past six years, resulting in a vacancy rate consistently below 5% since the end of 2015.
- Since the beginning of 2022, the vacancy rate in both markets has risen due to the completion of large construction projects that have delivered partially vacant properties. However, these new construction deliveries are offering much-needed relief to occupiers who require modern logistics and distribution spaces and cannot afford to wait for construction timelines, which often delay occupancy.
Get market intel