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Industrial Rents on the Rise in NJ, Report Says

HASBROUCK HEIGHTS, NJ-With net absorption on the rise in Northern and Central New Jersey, rents are beginning to edge up, and spec development has started, says Jones Lang LaSalle’s fourth-quarter Market Snapshot.

By Debra Hazel | Updated on February 07, 2012

HASBROUCK HEIGHTS, NJ-Industrial rents will rise in Northern and Central New Jersey, and speculative development may not be far behind, according to Jones Lang LaSalle’s soon-to-be released fourth quarter market report. The report predicts that the current average asking rent of $5.54 per square foot and overall average effective rent of $5.35 per square foot in Northern New Jersey will increase this year, as demand from food and beverage, and pharmaceutical companies will outpace supply. Meanwhile, the lack of available spaces of more than 400,000 square feet should drive up Central New Jersey’s asking rent of $4.18 per square foot and effective rate of $3.59 per square foot.

“This is definitely not an anomaly,” Robert C. Kossar, a managing director of JLL based here, tells GlobeSt.com. “We all have guarded optimism. All of the underlying signs and trends are positive in all markets in New Jersey.”

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