"In terms of velocity, the year started out strongly, weakened in the middle and rebounded at the end," says Gil Medina, executive managing director for Cushman & Wakefield here. His firm's 2008 numbers show North and Central New Jersey leasing activity of more than 17 million square feet for the year, a solid number, but down from 2007's 23 million square feet.
"In general, warehouse/distribution leasing seems to be waning as new construction hasn't attracted the same amount of interest as in the past," he says. Medina expects vacancy rates to continue to rise from their current 7.2%, which itself is an increase from 6.9% a year ago.
On the investment side, according to C&W, investors chalked up 12.6 million square feet of sales deals in 2008, a big jump from 2007's 8.5 million square feet. Investment sales accounted for nearly two-thirds of the 2008 total.
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