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EAST RUTHERFORD, NJ-Despite a slight cool-down in industrial tenant movement and investor activity during the summer months, the New Jersey market for industrial property is still fairly healthy, according to Cushman & Wakefield's Q3 statistics. And while the velocity of leasing activity slowed from the first half of the year, available industrial product, which currently totals 46.1 million sf in Northern and Central New Jersey actually declined slightly.

More than 5.2 million sf of leases were signed over the summer, with the most popular destinations being Middlesex and Hudson counties. Still, new space coming on the market could change things a bit. “Overall vacancy rates are likely to rise in Central New Jersey if the roughly four million sf of speculative development expected for delivery by 2008 is not absorbed,” says Gil Medina, executive managing director of Cushman & Wakefield of New Jersey, East Rutherford. He adds that, “activity in the northern part of the state will continue to center around the ports.