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.

609.5 msf

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.

-1.9 msf

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.

$15.21

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.

33.7 msf

Availabilities

Availability continues to decline quarter to quarter, even with tens of millions of square feet being delivered to the market.

2.6%

Vacancy

Vacancies have remained remarkably low even as tens of millions of new supply has been delivered to the market.

$225.2m

Investment Sales

Investment into industrial space continues to explode with over $225 million in sales taking place quarter to quarter.

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New Jersey industrial real estate market report

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