PARSIPPANY, NJ—With an increasing number of tenants seeking to relocate to New Jersey from parts of New York City, including Brooklyn and the Bronx, the Garden State’s industrial market is at its healthiest since first-quarter 2008, according to Transwestern’s Third-Quarter 2015 Industrial Market report. Bolstered by its largest year-over-year drop since first-quarter 2014, the market’s industrial vacancy rate has reached the pre-recession level of 7.2 percent.

“It is certainly not a new trend, but what we have been seeing more recently, especially with the turnaround in the economy, and the real estate market in general in the greater New York area, we have seen a lot more redevelopment,” Lori Zuck, managing director at Transwestern tells exclusively. “In a lot of the industrial areas of New York like Brooklyn and the Bronx, we are seeing less product because it is being converted into residential or some higher or better use, so that those tenants get pushed out.”

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