Strong tenant demand has also caused rents to crise, with the overall average rent higher by 7.8% year-over-year, including 10 submarkets that record rent increases of more than 10% during that period.

FLORHAM PARK, NJ—After a sluggish first quarter, the New Jerseyindustrial market roared back with a 20% increase in leasingactivity, according to a report released by Transwestern CommercialServices.

The brokerage firm's second quarter report notes that the strongleasing activity improved the state's industrial vacancy to ahistoric low of 3.6% in the second quarter, which marked the fifthconsecutive quarter the state's vacancy rate was below 4%.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.