SADDLE BROOK, NJ-Despite a hiccup in improving market fundamentals within New Jersey’s industrial market for the third quarter, which closed with 3.29 million square feet of new leasing activity across the state, locally based CB Richard Ellis' Third Quarter 2010 New Jersey Industrial MarketView report concludes that new leasing and renewal velocity will remain on pace to exceed 2009 and 2008 totals by 18% and 31%, respectively.

"The national economy continues to rebound slowly in terms of job growth, increased consumer confidence and capital investment expenditures, which is illustrated by New Jersey's weaker industrial market third quarter fundamentals," says William R.Waxman, senior vice president of CBRE. "However, we have seen stable returns throughout the past nine months, in terms of new leases, renewals and sale activity. Ultimately, we remain confident in the state's industrial marketplace and we project strength in the fourth quarter and beyond."

Additionally, the report shows positive signals in the number of user sales completed, with 26 transactions occurring in the third quarter alone, which amounted to a 34.6% increase from the third quarter of 2009. And, a continued upward trend is reported in blend and extend transactions throughout New Jersey, as tenants race to lock in attractive rental rates over the long term for the remainder of the year.