SADDLE BROOK, NJ—Higher demand and an increasingly scarce supply of industrial properties in the central and northern part of the state continue to drive activity among Garden State industrials, according to CBRE's latest MarketView analysis of the sector.
Led by multiple large lease transactions, 6.24 million square feet of leasing velocity in the second quarter drove a 21.8 percent increase in velocity over the previous quarter. Especially notable, class A leasing accounted for 51.8 percent of total activity in Q2 2015.
“While class A assets account for only 8.7 percent of the overall New Jersey industrial market, more than half of the leasing activity recorded this quarter involved class A inventory,” says Thomas Monahan, senior vice president, CBRE. “This remarkable statistic supports the trend of industrial occupiers heavily relying on the state's supply of class A space.”
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