CHATHAM, NJ–DTZ's Fourth Quarter 2014 Industrial Market Snapshot for Northern and Central New Jersey records robust numbers for Northern and Central New Jersey industrial markets, with strong positive absorption, including the best absorption in Northern Jersey since 2013.
“The strong market conditions in the fourth quarter point to an even better 2015 with sturdy leasing and sales activity,” says Doug Bansbach, DTZ senior vice president. “There is still potential for growth in Northern New Jersey, as several submarkets are weighed down with large vacancies. Meanwhile, Central New Jersey continues to shine with increasing demand.”
The Northern New Jersey industrial market recorded net absorption of 758,157 square feet in the fourth quarter, the highest absorption since the first quarter of 2013. Vacancy fell 10 basis points to 7.9 percent from the third quarter of 2014. Despite the uptick in performance, the Northern New Jersey industrial market did not perform as well over the year, with 593,419 square feet of negative absorption for 2014.
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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].
