New Jersey industrial real estate market report
Q3 2025
average NNN asking rent
Average NNN asking rates are up $0.21 cents year over year but generally rents been falling from the high $15’s seen in 2023.
This comes as leasing volume has declined sharply year-to-date (YTD). There is also a noticeable convergence of class B and C rents around the mid-$13 range as tenants continue to prefer class A space.
of leasing activity
Leasing volume through Q3 is the lowest point seen in the last decade.
Avison Young predicts Q4 leasing will bring the total 2025 figure closer to 30 msf which is approximately 75% of last years volume.
office-to-industrial redevelopments
There have been 23 projects completed since 2018 which have added 4.4 msf of new industrial inventory.
There are 19 properties currently proposed or under construction. This equates to 3 msf of new inventory expected to be delivered within the next 36 months.
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