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Despite Toll Hikes, NJ Industrial Continues to Stabilize

HASBROUCK HEIGHTS, NJ-A tightening market should result in rising rents, despite market turmoil and toll hikes, according to a new report.

By Debra Hazel | Updated on August 19, 2011

HASBROUCK HEIGHTS, NJ-The stabilizing Northern and Central New Jersey industrial markets should even begin to grow, despite market turmoil and toll hikes, according to Jones Lang LaSalle and data from the firm’s second quarter sector overview. At the end of the quarter, rents remain depressed, with average asking rents in New Jersey at $4.93 at the end of the most recent quarter, compared to $4.96 at the end of the first quarter. The good news: the overall vacancy rate for New Jersey was 9.3%, down from 9.4% at the end of the first quarter.

“Markets are tightening up,” with more companies moving farther out, says Rob Kossar, managing director at Jones Lang LaSalle. Net absorption in Northern New Jersey declined 1,051,531 square feet during the quarter, though this was driven by the introduction of several new large spaces.

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