Sean Ryan is associate editor of Real Estate New Jersey, from which this article is excerpted.
(To read more on the industrial market, click here.)
WOODBRIDGE, NJ-A new Q3 report from Newmark Knight Frank on New Jersey's industrial space in the third quarter reflects a higher amount of space available for rent, thanks to new construction hitting the market. The availability rate statewide currently stands at 7.3%, with 6.9% direct and 0.4% through sublease.
The weighted average asking price is $5.81, with $5.84 being asked on average for direct space and $5.54 for sublease. Last quarter the average ask rate was $5.99, and last year it was $5.89. Net absorption was a negative 2.1 million sf.
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