New Jersey industrial real estate market reports
Q3 2023 quarterly report
New Jersey experienced a notable recovery in leasing activity year-over-year. The slowdown of construction starts, influenced by an increased supply of vacant space and higher financing costs, reflects the current challenges faced by the market. With a decline in consumer spending in Q3 2023, leasing demand in the short term is likely to decrease. Moreover, facing future challenges such as inflation and higher interest rates, the industrial market may encounter additional hurdles, raising uncertainties about its trajectory in the coming months.
Square feet leased year-to-date
Quarter-to-quarter total leasing activity has declined by 31%. Tenant demand is slowing as deliveries catch up to demand
Delivered year-to-date
As inventory starts to align with demand, vacancy rates have started to rise. With nearly 17 msf currently in development, in addition to the 17.5m sf delivered, new construction has significantly slowed. Only 240,000 square feet of new construction commenced this quarter compared to 1msf of new construction this time last year.
Investment volume year-over-year
In Q3 2023, investment volume was $53.2 million, which is less than 10% of the $599 million recorded in the previous quarter.
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