New Jersey industrial real estate market reports
New Jersey industrial real estate market reports
3Q2021 quarterly report
The New Jersey market continued its upward trend in terms of rents and its downward trends in terms of availability. The global supply issues along with high inflation rates continue to be a headwind in this otherwise very strong market.
Economic conditions
Industrial jobs have risen 3.3 percent in New Jersey since August 2020.
Recovery rate
Total year-to-date cargo volume is up 29.1 percent at the Port of New York and New Jersey compared with the prior five-year year-to-date average. Total cargo volume is expected to be the highest it has been in the last 15 years.
Industrial demand
Absorption through the third quarter has been extremely strong with 12.4 million sf of total net absorption and is on pace to surpass the 20-year high set in 2018.
Industrial supply
The overall vacancy rate dropped to a 20-year low of 2.7 percent.
Pricing trends
Asking rents have increased by 21.6 percent since the start of the pandemic and 92.2 percent since the second quarter of 2015.
Capital markets
High rents and low vacancy rates continue to attract investors, leading to higher valuations, which increased by 21.8 percent since April 2020.
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