The Meadowlands area remained a top performer for industrial leasing activity in the first half of 2013, according to research from the brokerage firm Cassidy Turley.
The 78 million-square-foot submarket recorded the strongest activity in northern New Jersey during the first two quarters, totaling 1.2 million square feet of absorption, the Chatham-based firm found. That brought vacancy to 6.8 percent, the third lowest in the region and 0.6 percent below the North Jersey’s overall industrial vacancy.
Andrew Houston, a broker with Cassidy Turley, said the new activity was especially encouraging because the Meadowlands had less ground to make up after the recession. The submarket relies on regional distribution business from Manhattan, he said, so it’s somewhat insulated from the ebbs and flows of submarkets that service larger areas, such as those farther south on the New Jersey Turnpike.
“During the downturn, the vacancy rates didn’t go as high, so we really didn’t have as far to recover,” said Houston, a vice president and principal with the firm. “And that’s why that million square feet that was absorbed during the first two quarters really moved the needle a ton.”
The top second-quarter leases in the Meadowlands include a 123,000-square-foot deal at 78 John Miller Way, in Kearny, and an 85,300-square-foot transaction at 60 Enterprise Ave. in Secaucus, according to a Cassidy Turley market report. Neither tenant was disclosed.
A separate market report by NAI James E. Hanson, a Hackensack-based brokerage, found leasing activity in the Meadowlands accounted for 20 percent of all leases in North Jersey during the first half of 2013. However, the Meadowlands submarket tracked by Cassidy Turley includes an additional 2.5 million square feet and 200 buildings.
Reporter Joshua Burd is @JoshBurdNJ on Twitter.