PARSIPPANY, NJ—Buoyed by a strengtheningeconomy, the Northern and Central New Jersey industrial marketcontinued to show improvement into the second quarter of 2015, withfundamentals remaining strong, according to research fromColliers International. As industrial leasingactivity outpaces last year's rate, additional favorable indicatorsinclude increased absorption, a continuing inflow of investmentcapital, and vibrant construction activity.
“The Northern and Central New Jersey industrial market continuesto demonstrate strong leasing activity and demand from occupiers,”says David A. Simon, executive managing directorand market leader for the New Jersey operations of ColliersInternational. “In order to accommodate requirements inthe market, we anticipate seeing owners divide larger units thattraditionally they may not have considered previously.”
Leasing activity continues to be robust. The 10.9 million squarefeet leased in the second quarter was up 67.5 percent from 6.5million square feet a year ago, and though down 3.2 percent from11.3 million square feet in the first quarter, the 22.2 millionsquare feet leased by mid-year was nearly three quarters of 2014'sfull-year total. By region, Northern New Jersey registered 4.4million square feet of second quarter leasing, down from 5.4million square feet in the first quarter, but up 41 percent from3.1 million square feet a year ago. Central New Jersey registered6.6 million square feet of second quarter leasing, up from 5.9million square feet in the first quarter, and nearly double the 3.4million square feet leased a year ago.
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