EAST RUTHERFORD, NJ—New Jersey's industrial sector posted the strongest year for industrial leasing the state has seen in more than a decade, Jones Lang LaSalle says in its latest quarterly industrial market research report.
The market recorded approximately eight million square feet in positive absorption in 2014, more than doubling the market's historical yearly average. Key leases on newly constructed buildings and built-to-suit projects drove much of the industrial absorption.
New Jersey's industrial market posted total positive net absorption of 1.7 million square feet in the final quarter of 2014, vs. three million square feet absorbed in the third quarter and approximately 1.8 million square feet of absorption in the second quarter.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
