While discussing trends in New Jersey's industrial marketplace, Levering tells GlobeSt.com, "Unprecedented high vacancy rates are forcing many landlords to lower their asking rates to incentivize and attract new tenants. Lower rents and incentives are now almost common in the renewal/retention of existing tenants. Although difficult for landlords and owners, this has created a significant cost-saving opportunity for tenants who are willing and able to take advantage of these offers."

Levering adds, "These challenging economic times are really affecting current market conditions. Until there is some sort of clear direction with our market, high vacancies will continue to play a major role in shaping both landlord and tenant's decision-making."

Terms of the deal could not be discussed, but rental rates for industrial space in Passaic County run around $6, according to a recent Cushman & Wakefield report. The 454-building industrial submarket has a vacancy rate of 7%.