HASBROUCK HEIGHTS, NJ-Jones Lang LaSalle’s third quarter industrial market report found that, despite a 20% reduction in the number of industrial leasing transactions in the third quarter of 2010 compared with the same period in 2009, New Jersey’s industrial market is showing signs of stabilization. The market has experienced relatively little change in average asking rents and vacancy rates from the previous quarter.

The overall vacancy rate for New Jersey was 13.4% at the end of Q3 2010, largely unchanged from the 13% vacancy rate at the end of Q2 2010. The vacancy rate at the end of Q3 2009 was 12.4%. Average asking rents in New Jersey were $5.11 at the end of Q3 2010, compared to $5.08 at the end of Q2 2010. Average asking rents in Northern New Jersey were $5.78 at the end of Q3 2010, and $4.32 in Central New Jersey, relatively unchanged from Q2 2010.

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