MORRISTOWN, NJ-The overall industrial vacancy rate for North Jersey in the first quarter of 2013 fell one percentage point to 9.3%, as compared to the same period a year ago according to figures released by Cushman & Wakefield of New Jersey, Inc.
The region is becoming a hub for data center development, including deals involving existing industrial warehouse space in the region.
"Anytime you're in single-digit vacancy numbers, that's a pretty healthy number," says Cushman & Wakefield Senior Director Marc Petrella. "And in the first quarter of 2013, there were 5 million square feet of new deals done in those northern five counties. Activity is good. Supply is constrained, and so we see the market continuing on a positive trajectory and improving here in the near term."
Bergen County saw its industrial vacancy rate decline to 10.3% in the first quarter from 11.2% in the first quarter of 2012. Passaic County's first quarter 2013 vacancy rate was flat at 8.4% as compared to a year earlier. See story in The Record.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
