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Industrial Shows Improvement in New Jersey

SADDLE BROOK, NJ-A recent CBRE report finds that the industrial market reached positive absorption in the fourth quarter of 2010 for the first time in two years.

By Debra Hazel | Updated on January 25, 2011

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.

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