New Jersey industrial price per square foot rises despite decrease in sales volume

• New Jersey's industrial sales volume through the first half of 2023 is down by 39% compared to the same period in 2022. This decline is likely attributed to rising costs, overall economic uncertainty, and anticipated rate hikes.

 

• Despite the decrease in industrial sales volume, the price per square foot continues to steadily rise. The average price per square foot is now 13% higher than at year-end 2022. This upward trend is primarily driven by strong demand from investors and businesses seeking long-term growth opportunities.

August 10, 2023

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