Northern New Jersey industrial leasing remained strong through the fourth quarter of 2022, with net absorption totaling 2,956,154 square feet. This brought the year-to-date total to 12,241,767 square feet and closed the year with a 2.8% vacancy rate – 30 basis points below that of Q4 2021 according to Northern New Jersey Market Reports recently published by Newmark.
Newmark has secured a 46k sq ft long-term industrial lease for Creative Technology at 60 Metro Way in Secaucus NJ – their first outpost in NJ as they accommodate growth over the past 3 years since joining NEP Group. The space includes warehouse and office components with loading docks and drive-in access which marks an important milestone for Technology’s expansion plans into this market area. David Simson & Dan Reider from Newmark represented the tenant in this transaction.
