SADDLE BROOK, NJ——The NewJersey industrial market ended the second quarter of 2014 withpositive momentum, as increased demand for large blocks of spacecontinued to drive net absorption and kept vacancy rates low,CBRE Group tells GlobeSt.comexclusively in a preview of its Q2 2014 New JerseyIndustrial MarketView.
The second quarter closed with positive net absorption of 2.64million square feet, and availability at 9.2 percent, the lowestsince 2008. The most active areas were the Meadowlands and HudsonWaterfront in Northern New Jersey and Exit 8A in Central NewJersey. Total leasing activity was 6.26 million sq. ft., a39-percent increase over the first quarter.
Demand for industrial space was driven mostly by logistics,food, and apparel companies, which accounted for more than 24percent, 14 percent, and 8 percent of total occupier transactions,respectively. Amazon.com expanded its New Jerseyfootprint, bringing its total occupancy throughout the state to1.92 million square feet. Expansions by FergusonEnterprises and Marcraft Apparel alsodemonstrated the strength of the market.
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