Northern New Jersey is the top city to watch for industrial investment this year, according to a new survey from Crexi.

The region is home to more than 293 million square feet of industrial space, and tenants have been on a leasing spree with 10.2 million square feet of industrial space committed over the past year, per Cushman & Wakefield data. Industrial vacancy now sits a-low 2.5%, and even the 3.9 million sf of space under construction is likely not enough to blunt demand. Per Crexi data, in the last year, the median sold price per square foot for industrial property in New Jersey rose from $132 to $151.

Miami clocks in a #2 on Crexi's survey with median closed prices per square foot ticking up from $175 in 2021 to $218 year-to-date. Vacancy sits at 1.8%, with leases signed for over 2.5 million square feet of space to date this year while overall average asking rents remain "relatively low" at $11.79 per square foot.