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Renewals, Sales Drive NJ Industrial Demand

SADDLE BROOK, NJ-Slow and steady improvements across all fundamentals characterize the Garden State's industrial market, at least according to CBRE’s second-quarter report.

By Alyson Grala | Updated on August 01, 2010

SADDLE BROOK, NJ-Steady lease renewals and a dramatic improvement in sales activity breathed new life into the New Jersey industrial market during the second quarter of 2010 despite a slight increase in availability, signaling a continuing gradual path out of this unprecedented economic downturn, finds CB Richard Ellis’ Second Quarter 2010 New Jersey Industrial MarketView report.

“Despite improving demand, especially for blocks below 500,000 square feet, the unabated supply of newly available space continues to leave a negative mark on the availability rate and on asking lease rates in key submarkets like the Meadowlands, Route 287/Exit 10 and Exit 8A,” says Mindy Lissner, senior vice president at CBRE. “Still, the availability rate has remained stable in the 11% range for five consecutive quarters, and future pipeline activity suggests a slow and steady improvement in that number over the coming quarters.”

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