Report finds NJ’s industrial growth showing little signs of slowdown

New York /
Apr.April 16, 2019 05:24 PM

Industrial rents in New Jersey hit a record-high average of $7.25 per-square-foot during the first quarter of 2019, NJBIZ reported, citing a new CBRE market report. The real estate services firm noted a net absorption of 4.5 million square feet, as availability decreased to 6.4 percent. Key transactions for the quarter included two transactions totaling 1.82 million square feet at 343 Half Acre Road in Cranbury by Wayfair and Crate & Barrel, according to Real Estate NJ. CBRE reported a combined 6.9 million square feet of leasing activity for the first quarter, out of which 4.9 million square feet were in Central New Jersey. New leasing in the Exit 8A submarket, which included the Crate & Barrel and Wayfair leases, exceeded 2 million square feet. The Meadowlands saw new leases reach 628,000 square feet, while the Exit 10 – Route 287 submarket saw 606,000 square feet of new leasing activity, according to CBRE, which found that the Hudson County industrial market had a mere 3.1 percent vacancy rate. The Real Dealnoted last week a spate of sales in the North Jersey industrial property market, which could be a potential sign of another record year in the sector[NJBIZ]


Related Articles

arrow_forward_ios
Marcus Partners CEO Paul Marcus and 18-20 Harmich Road in South Plainfield, New Jersey (Getty Images, Lee & Associates, Marcus Partners)
Private equity firm buys South Plainfield warehouses for $37M
Private equity firm buys South Plainfield warehouses for $37M
31-35 Styertowne Road in Clifton and Longpoint’s Managing Partner Dwight Angelini (Google Maps, Longpoint)
Longpoint buys Passaic County warehouses for $18.5M
Longpoint buys Passaic County warehouses for $18.5M
Thor Equities' Joseph Sitt (Joseph Sitt, Getty)
Thor completes hat trick of NJ industrial acquisitions
Thor completes hat trick of NJ industrial acquisitions
Rising sea levels
Climate change’s higher tides could threaten $34B of coastal real estate
Climate change’s higher tides could threaten $34B of coastal real estate
A photo illustration of Triple Five Group's Paul Ghermezian (Getty Images, Triple Five Group)
American Dream owner Triple Five Group hit with sexual harassment suit
American Dream owner Triple Five Group hit with sexual harassment suit
Equity Residential CEO Mark Parrell and 70 Greene Street in Jersey City (Equity Residential, LVC Interiors, Getty Images)
Equity Residential’s Jersey City tenants allege floods, faulty elevators
Equity Residential’s Jersey City tenants allege floods, faulty elevators
STRO's Steven Millstein with 1150 McBride Avenue (RSTO, Getty, Loopnet)
Tri-state deal roundup: A run of New Jersey office refis
Tri-state deal roundup: A run of New Jersey office refis
Ares CEO Michael Arougheti (Getty)
Ares pays $139M for NJ industrial complex
Ares pays $139M for NJ industrial complex
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...