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%.

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John Jordan

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