NJ Q4 Industrial Sales/Leasing Velocity Gains Speed

SADDLE BROOK, NJ-The New Jersey economy appears to be stabilizing ahead of the national average, and the industrial real estate sector is playing its part in that recovery, finds CB Richard Ellis’ fourth quarter 2009 New Jersey Industrial MarketView report.

Among its findings are that both sales and leasing velocity rose, closing out 2009 with a strong finish, totaling 7.1 million square feet, despite the fact that large blocks of space have made their entrance onto the market, leaving the availability rate at a static 11.7%.

“Sales and leasing velocity both increased dramatically, meaning that companies out there are looking to take advantage of the market and make deals before it is too late,” says William Waxman, senior vice president at CB Richard Ellis. “Leasing activity increased by almost 18%, and sales were 33% higher than in the two previous quarters combined,” he continues.