EAST RUTHERFORD, NJ-The first half of the year has boded well for New Jersey's industrial commercial real estate sector. Rents and occupancy levels continue to improve in the state, and there is even quite a bit of new development taking place, according to a Cushman & Wakefield report on the sector's first half of 2014.

Average industrial rents are now at $5.61 per square foot, up 8.3% from the same year-ago period. This is due largely because of larger tenants seeking big spaces, and "quality space continues to dwindle," remarks Kim Brennan, C&W's New Jersey market leader.

So far this year 5.8 million square feet of industrial space was absorbed in the state's 614.5-million-square-foot supply. This demand is leading to new construction.

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