SECAUCUS, NJ—Bolstered by some recent large transactions, area industrial brokers are signing the praises of the industrial market in the communities surrounding the Meadowlands.

Recently, RealReal, a luxury on-line retailer based in San Francisco, chose Secaucus for its East Coast distribution center. Earlier this year, plumbing supply firm Ferguson Enterprises leased 450,000 square feet at Panasonic's former warehouse in Secaucus.

Industrial vacancy rates in the Meadowlands have been falling over the past year, according to The Record. Data from commercial brokerage firm JLL indicate the industrial vacancy rate has fallen from 9.3% in the second quarter last year to 8.5% in the second quarter this year. Cushman & Wakefield had the industrial vacancy rate in the Meadowlands submarket at 11.2% in the second quarter last year and 8.4% at the end of the second quarter this year..

"Demand is stronger here than any time that I can remember," says Blake Chroman, a senior vice president with JLL's industrial practice in East Rutherford.

The supply of modern industrial space in the Meadowlands is limited, which as demand increases, is causing rents and sale price to increase, brokers said. In some instances, bidding wars have broken out among prospective tenants seeking to secure the same warehouse space, Chroman says.

"Sales volume is at a high," says Matt Dolly, vice president of research for Avison Young. "There's a lot of investor activity. There are bright people buying these buildings, so you would think the market is going to be very active going forward." See story in The Record.