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Report: NJ industrial market sets record lows, highs

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The North Jersey and Central Jersey industrial market remains strong, despite a scarcity of modern warehouse space, according to a recent Cushman & Wakefield report.

The report reveals strong second-quarter absorption, record-low vacancies and record-high asking rents, with Class A warehouse rents almost 10 percent higher than the state average.

Almost 5.5 million square feet of industrial space has been built so far this year, with 6.5 million square feet under development.

Second-quarter construction includes Wayfair’s 1.3 million-square-foot facility in Cranbury and Best Buy’s 725,400-square-foot warehouse in Piscataway.

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Elana Knopp

Elana Knopp

Elana Knopp covers all things real estate for NJBIZ. You can contact her at eknopp@njbiz.com.

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Brookkyner July 10, 2018 7:50 am

The strong NJ market is all due to the Brooklyn New York market is very strong, and all industrial sites was rezoned to resedantal,
So all local company’s are moving to NJ