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

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]