EAST RUTHERFORD, NJ—Inone of its best years in more than a decade, New Jersey's roaringdemand for industrial space continued vacuuming availability out ofthe market in 2015, according to Jones Lang LaSalle's analysis ofleasing trends.
JLL says the marketposted 7.5 million square feet of positive absorption in 2015.Building on the momentum in the first three quarters, netabsorption in the fourth quarter reached 3.9 million square feet,accounting for more than half of the positive net absorptionrecorded for the year.
As a result of robust class A leasingactivity throughout the state, vacancy in Northern and Central NewJersey fell to 6.5 percent, the lowest level since 2001.Contributing to the cycle-long lows in late 2015 was LISTLogistics' lease of 571,000 square feet at 75 MillRoad in Edison and Serta's lease of460,000 square feet at 50 Bryla Street inCarteret.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
