Meadowlands Industrials: Rents Rise, Vacancies Fall

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.