SADDLE BROOK, NJ-Despite a hiccup in improving marketfundamentals within New Jersey’s industrial market for the thirdquarter, which closed with 3.29 million square feet of new leasingactivity across the state, locally based CB Richard Ellis' ThirdQuarter 2010 New Jersey Industrial MarketView report concludes thatnew leasing and renewal velocity will remain on pace to exceed 2009and 2008 totals by 18% and 31%, respectively.

"The national economy continues to rebound slowly in terms ofjob growth, increased consumer confidence and capital investmentexpenditures, which is illustrated by New Jersey's weakerindustrial market third quarter fundamentals," says WilliamR.Waxman, senior vice president of CBRE. "However, we have seenstable returns throughout the past nine months, in terms of newleases, renewals and sale activity. Ultimately, we remain confidentin the state's industrial marketplace and we project strength inthe fourth quarter and beyond."

Additionally, the report shows positive signals in the number ofuser sales completed, with 26 transactions occurring in the thirdquarter alone, which amounted to a 34.6% increase from the thirdquarter of 2009. And, a continued upward trend is reported in blendand extend transactions throughout New Jersey, as tenants race tolock in attractive rental rates over the long term for theremainder of the year.