New Jersey industrial construction starts grind to a near halt

Since 2018, the average quarterly construction starts in New Jersey amounted to 3.17 million square feet (msf). However, in the first quarter of 2024 only 1.1 msf of new construction has been recorded.

The average construction starts for the first quarters of each year from 2018-2023 were 2.79 msf.

Despite a slight decrease in vacancy rates from 5.9% to 5.7% over the last quarter, uncertainty still faces the NJ industrial real estate market. This decrease in vacancy may indicate some stabilization but some caution is still warranted as the decline in construction signals a market in transition.

February 26, 2024

US-NJ-NJ New Jersey