February 10, 2017
Developers opened 10 new industrial buildings in New Jersey, totaling 1.7 million square feet, during the Q4 2016, according to Colliers International.
“Half of this new product was preleased, which helped retain positive net absorption for the 16th consecutive quarter,” said David A. Simon, executive managing director and New Jersey market leader for Colliers. “This strong momentum will likely continue in 2017, as the shift toward online shopping spurs further demand for well-located, modern industrial space.”
All the added space did push the percentage of vacant industrial space up 100 basis points to 7.2% at the end of 2016. Rents kept growing anyway — rising 4% in the fourth quarter, to an average of $6.43 per square foot.
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