PARSIPPANY, NJ—As leasing activity continues toaccelerate, New Jersey's industrial vacancy rate has dipped to 6.8percent, the lowest level in more than a decade, according toTranswestern's Jeff Furey and MattDolly in the firm's Fourth-Quarter 2015 Industrial Marketreport.
Driven by steady leasing in northern New Jersey – particularlyin the Hudson Waterfront, Meadowlands andMorris West submarkets – average asking rents havesoared, exceeding $7 per square foot in some submarkets.
Two primary factors in the continued activity are explosivegrowth in e-commerce and preparations to accommodate increasedtraffic flows from the Panama Canal expansion,Transwestern's managing director Fureytells GlobeSt.com exclusively.
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