New Jersey industrial real estate market reports
New Jersey industrial real estate market reports
2Q 2022 quarterly report
Industrial leasing velocity has seen significant strength as demand persists pushing vacancy rates to remain historically low at 2.6%. Asking rents continue to increase as available space declines over one million sf quarter to quarter.
Inventory
With over 20 million square feet (msf) of industrial space under construction and over 609.5 msf already existing, NJ industrial supply grows stronger quarter to quarter.
Net Absorption
Absorption has turned negative due to large blocks of space continually being delivered. When compared to an inventory with 609.5 msf the absorption displays a market in equilibrium.
Direct Asking Rent
Asking rents rose sharply from previous peaks due to minimal availability, with increases looking forward to be more stable than the past two years.
Availabilities
Availability continues to decline quarter to quarter, even with tens of millions of square feet being delivered to the market.
Vacancy
Vacancies have remained remarkably low even as tens of millions of new supply has been delivered to the market.
Investment Sales
Investment into industrial space continues to explode with over $225 million in sales taking place quarter to quarter.
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