“Q3 NJ Industrial Market Sees Normalization”

"Q3 NJ Industrial Market Sees Normalization"

According to Cushman & Wakefield’s third-quarter 2023 industrial and office statistics, the industrial leasing market in Northern and Central New Jersey is returning to normal levels after a record-breaking year in 2021. In Q3 2023, there was a total of 4.8 million square feet leased, which closely aligns with the average quarterly activity over the past two years.

Central New Jersey accounted for nearly 60% of this activity. However, due to an increase in vacant non-Class A space, there was a negative net absorption of 2.6 million square feet during this quarter. On the other hand, Class A properties saw positive net absorption for their thirty-third consecutive quarter at approximately 730 thousand square feet.

In terms of office leasing activity during Q3 of 2023 , there were approximately1 .3 million square feet leased – marking it as one of the lowest quarterly volumes since Q2 of 2020 . Additionally , compared to last year’s numbers ,the office vacancy rate has increased by120 basis points reaching21 .2% .

The article “NJ Industrial Normalizes in Q3” originally appeared on Connect CRE.

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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