SADDLE BROOK, NJ-The economic climate continued to strengthen at the close of the fourth quarter of 2010, according to CB Richard Ellis’ Fourth Quarter 2010 New Jersey MarketView report. More specifically, the 1.4 million square feet of absorption recorded in the fourth quarter of 2010 is the first positive absorption New Jersey has seen since the Q1 2008, and the most since the Q1 2007.

Further findings include an increase in new industrial leasing activity throughout the state by 24% since 2009, while combined new leasing and renewal activity also improved by 31% from those reported in 2009. Sales activity increased throughout the state at the close of 2010, ending the quarter with 128 completed industrial transactions compared to the 93 transactions completed in 2009, which represents a 38% increase. Furthermore, the total square footage of buildings sold is reportedly up by 57% compared to those sold in 2009.

“The decline in the availability rate is a direct result of steady demand for both purchasing and leasing of industrial real estate, coupled with an empty pipeline of new construction,” says William R. Waxman, senior vice president at CB Richard Ellis. “New Jersey’s real estate industry continues to recover from a decade of overbuilding, fueled by low interest rates and an improved economy, however, this is very encouraging news and we anticipate continued positive absorption over the next two quarters until the market hits an equilibrium--which we are confident that it will.”