Port markets commanded the biggest industrial rent increases in September, with New Jersey, the Inland Empire and Nashville all posting upticks of more than 6% year-over-year.
Overall, the average asking rent across the top 30 US markets surveyed last month by CommercialEdge came in at $6.35 per square foot, an increase of 3.5% year-over-year but flat from the previous month but unchanged compared to the previous month. But in port markets, the increase was nearly double. New Jersey led with the largest increase at 6.4% over the last year, followed by Southern California's Inland Empire at 6.1% and Nashville at 6%.
Port markets also commanded rent premiums, according to CommercialEdge, with new leases in New Jersey costing on average $2.60 more per square foot than in-place leases. Boston's lease spreads followed behind at $2.53 per square foot.
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