HACKENSACK, NJ—NAI James E. Hanson says vacancies declined about 0.4 percent and rents rose about 37 cents per square foot for Meadowlands industrials during the final two quarters of 2014 vs. the second half of 2013.
With an average asking rent of $6.46 per square foot, a 7.3 percent vacancy rate and net absorption of 588,758 square feet, the Meadowlands remains the most sought-after Industrial submarket in Northern and Central New Jersey, the Hanson survey says. During the second half of 2014, 80 leases for spaces exceeding 20,000 square feet were signed. Over course of the entire year, more than 4.7 square feet were leased.
E-commerce is a strong driver of the activity, Thomas A. Vetter SIOR, a vice president at Hanson, tells GlobeSt.com exclusively. He described working with a Chinese bedding manufacturer seeking to open its first US facility in late 2013.
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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].
