“31% Surge in Q3 NJ Industrial Leasing”

"31% Surge in Q3 NJ Industrial Leasing"

In the third quarter, Northern and Central New Jersey’s industrial sector demonstrated resilience with a 31% increase in leasing activity compared to the previous quarter and a 19% increase from the same period last year. This information comes from CBRE’s Q3 2023 New Jersey Industrial Figures report. Additionally, average asking rents for Class A and Class B/C properties remained stable. However, new construction starts have been hindered by an abundance of vacant space and higher financing costs. Only two projects totaling 242,000 square feet began during this quarter – marking the lowest volume of starts since 2015.

Despite these challenges, it is worth noting that New Jersey’s industrial market continues to perform well overall.

About the Publisher:
Steve Griffin is based in sunny Palm Harbor, Florida. He’s an accountant by profession and the owner of GRIFFIN Tax and REVVED Up Accounting. In addition, Steve founded Madison Avenue Technology. With a strong passion for commercial real estate, he’s also dedicated to keeping you up to date with the latest industry news.

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