April 18, 2017 Comments Off on Industrial Vacancies Below 2% in Some NJ Submarkets Views: 397 New York News, Top New York Stories

Industrial Vacancies Below 2% in Some NJ Submarkets

April 19, 2017

Industrial firms keep signing big leases in New Jersey, pushing vacant space below 2% in some areas.

“Despite historically low vacancy rates, robust rent growth and market-wide landlord-favorable conditions, leasing velocity held steadfast,” said David Knee, senior managing director at JLL. “Coming off its best year this cycle, Northern and Central New Jersey continued to see market fundamentals accelerate.”

Developers had 6.5 million square feet of new industrial space underway in the first quarter 2017, as developers scrambled to meet the current demand. More than half of that has already been pre-leased.

Rents are rising quickly — up 11.7 percent in Northern and Central New Jersey in the last year.

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