New Jersey industrial real estate market reports
New Jersey industrial real estate market reports
Q3 2022 quarterly report
While broader market forces have shifted the market, the industrial asset class continues to show strength with strong leasing. Asking rents have grown 21% YTD partly due to vacancy rates remaining at historical lows. Occupier demand for modern space has helped generate a development pipeline with over 20 msf of new industrial space now under construction.
Inventory
Inventory levels have steadily risen throughout the year, with a busy development pipeline set to deliver late 2022 and early 2023.
Net Absorption
Net absorption displays strong leasing activity throughout the quarter, and the modern space squeeze many occupiers are experiencing.
Direct Asking Rent
Limited available space continues to push asking rents higher quarter-over-quarter.
Availabilities
Availabilities have increased nearly 3 msf since last quarter and with 611 msf of total inventory, represents a very small increase.
Vacancy
Vacancy has risen less then half a percentage since last quarter, and is expected to stay at historical lows through year end.
Investment Sales
Market uneasiness and rising rates have slowed sale volume by 64% since the start of the year.
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