New Jersey industrial real estate market reports
New Jersey industrial real estate market reports
2Q2021 quarterly report
The New Jersey market remained a hotbed for both users and investors alike through the pandemic. While supply chain issues and inflation remain a concern, New Jersey’s access to both consumers and labor will keep both of these markets strong both in the short and long term.
Economic conditions
Industrial jobs have risen 9.5 percent in New Jersey since April 2020.
Recovery Rate
Total year-to-date cargo volume is up 31.4 percent at the Port of New York and New Jersey compared with the prior five-year year-to-date average.
Industrial Demand
Annualized leasing activity has been sustained throughout the pandemic, currently sitting at 7.8 percent over the prior 20-year annual average.
Industrial Supply
The overall vacancy rate dropped to a 15-year low of 3.2 percent.
Pricing Trends
Landlord-favorable market conditions have caused concessions rates to steadily decline in recent years and are now approximately $1.25 per square foot and 1-month free rent on a 10-year deal.
Capital Markets
The lack of supply and investors’ attraction to the sector also translated into higher valuations, which increased by 31.4 percent since Q1 2020.
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