July 6, 2020
New Jersey’s office and industrial sectors represented a study in contrasts during the second quarter, according to newly issued reports from Colliers International. Office leasing volume in Northern New Jersey marked the lowest level on record, with Central New Jersey volume representing a multi-year low, while industrial volume was up 11.7% from Q1.
“Industrial product has been the silver lining for the commercial real estate industry during the COVID-19 pandemic,” wrote John Obeid, senior research director at Colliers. “While headwinds were felt in the office and retail spaces, industrial market fundamentals continued to improve.
“In all probability, New Jersey’s industrial won’t escape this economic downturn unscathed, but it will fare better than other property types during this period and the long-term outlook remains positive,” he continued.
That said, both office and industrial saw year-over-year increases in asking rents during Q2.
Photo courtesy of Rockefeller Group.
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