May 7, 2017 Comments Off on Boomtime for NJ Industrial Views: 291 New York News, Tri-State Area New York

Boomtime for NJ Industrial

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The good times keep coming for industrial real estate in New Jersey. Rents set another all-time high in the first quarter 2017, rising to an average $6.98-per-square-foot, up 14% from the year before.

“As New Jersey continues to set new records for port volume, demand for modern warehouse space is as strong as ever, and manufacturing is picking up steam,” said Lori Zuck, managing director for Transwestern.

The percentage of industrial space vacant in New Jersey dropped to 5.1%, a significant improvement from 6.5% a year ago. The low vacancy rate is the result of 16 consecutive ­quarters — four years — of positive net absorption.

Developers are building more to meet the demand. “We’re gradually seeing new product being delivered throughout the state, and while the Turnpike remains the primary corridor, development has spread to the outer rings of the region’s industrial market,” says Zuck.

Read More at Transwestern

Connect with Transwestern’s Zuck

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