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NJ Industrial Market Kicks Off Strong

SADDLE BROOK, NJ-Showing the highest net absorption since 2007, the Garden State’s industrial market is on the upswing, according to 2011 Q1 data from CBRE.

By Debra Hazel | Updated on April 22, 2011

SADDLE BROOK, NJ-It’s back–the New Jersey industrial market, that is, according to findings in CB Richard Ellis’ First Quarter 2011 New Jersey Industrial MarketView Report. New leasing activity hit its highest level in four years, sales activity rose 98.2% over 2010, and new tenants are coming to the market.

Available space declined 38 basis points from Q4 of 2010, leading to a vacancy rate of 11.6%. A positive 2.47 million-square feet of space was absorbed during the quarter, the highest net absorption since Q1 of 2007. And it doesn’t appear that the good news is a momentary blip, William R. Waxman, EVP at CBRE, tells GlobeSt.com.

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