The average asking rent for Class A space in North and Central New Jersey continued its upward march to $9.28 per sq. ft.
The average asking rent for all classes of industrial properties increased quarter-over-quarter by $0.15 per sq. ft. and set a new high of $7.54 per sq. ft.
Leasing activity totaled 5.49 million sq. ft. in Q3 2019, an 18% decrease from Q2 2019 and 8% lower than Q3 2018.
Net absorption declined 15% to 530,000 sq. ft. from Q2 2019, marking the second straight quarterly decline in net absorption.
The availability rate for Class A space in most submarkets is under 1%. The availability rate for all classes continued its downward trend to 5.9%, the lowest point since CBRE began tracking the NJ industrial market in 2001.