EAST RUTHERFORD, NJ—Jones Lang LaSalle says industrial vacancy rates in New Jersey declined to 7.2 percent in the second quarter, mainly because of substantial leasing activity.
JLL says the market's vacancy rate is expected to decrease noticeably during the next six months as leases involving large blocks of space take effect and new speculative deliveries remain limited.
“Institutional demand continues to be the biggest driver of sales activity, as investors increasingly turn to industrial real estate for stable yield,” says David Knee, senior managing director at JLL. “As a result of increased institutional demand, average class A cap rates have continued to compress and now trade between 5.25 percent to 5.0 percent on average.”
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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].
