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.
