New Jersey industrial real estate market report

Q4 2024

The New Jersey industrial market is stabilizing after a period of heightened activity, with asking rents declining by 6.3% year-over-year from peak levels to $15.16. Leasing volume has risen by 2.21% YoY, reaching 33.7 million square feet in 2024. Notably, over 50% of new deliveries were pre-leased.
$15.16

Average asking rent (NNN)

The average asking rent has continued to decline, falling by 6.19% 2024.

It is anticipated that the average asking rents will continue to decrease to $14.77 by the end of 2025.

This projection is based on new deliveries outpacing demand, an increase in sublease availability and overall negative net absorption.

33.7 msf

Leasing volume

Year-over-year leasing activity increased by 730k sf, or 2.21%.

Leasing activity in 2024 finished below the 10 year average of 36.4 msf.

Economic factors such as inflation, wage increases, and interest rates continue to impact tenant commitments.

10.9 msf

New inventory delivered

10.9 msf of new inventory was delivered in 2024, 5.17 msf of which is vacant.

New construction starts have slowed to the lowest amount since 2008 allowing demand to catch up to the rapid influx of supply seen throughout 2023 and 2024.

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