New Jersey industrial real estate market report

Q2 2024

The New Jersey industrial market is experiencing a return to normalcy after a prolonged period of increased activity. Asking rents have begun to decline and total leasing activity has slowed. Asking rents have fallen by 3% so far, with a projected 4.3% decrease by year end. Leasing activity has decreased by 32.5% year over year. Of the buildings currently under construction, 76.4% of the total square footage is going to deliver empty.
$15.24 NNN

average asking rent increases

13.98 msf

of leasing activity

76.4%

of new deliveries are empty

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