Vacancy rates in the northeast remained steady in the second quarter at 6.6 percent despite the ongoing coronavirus pandemic, according to a new CBRE report.
Leasing in the industrial sector decreased at the start of 2020 in comparison to last year, though leasing regained momentum in the second quarter as a result of demand from retailers, logistics providers and e-commerce firms.
Average rents for Class A facilities remain at peak levels in the northeast, particularly in The Meadlowlands in New Jersey and Lehigh Valley in Pennsylvania. The Class A vacancy rate remains highest in Pennsylvania, which increased to 12 percent in the fourth quarter in 2019, dipped to just over 10 percent in the first quarter of 2020 and increased slightly in the second quarter of 2020. New Jersey has seen its vacancy rate in Class A facilities drop steadily since 2018.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Pearl Wu
Pearl Wu is the editorial Recognition Desk Manager at ALM Media and oversees the administrative aspects of U.S. Legal awards. Please find our upcoming deadlines here.
