SADDLE BROOK, NJ—Industrial property availability in New Jersey dropped to 7.8 percent, a six-year low, in the fourth quarter of 2015, while industrial market experienced a strong finish to 2015 as it continued the recovery toward pre-recessionary levels.
For the fourth consecutive quarter, New Jersey's industrial market surpassed the 5 million square feet quarterly leasing mark, with 7.02 million square feet of new lease commitments, according to CBRE research. This robust demand carried annual velocity to 24.28 million square feet—a 21.7 percent increase over 2014 levels and the second highest annual leasing figure in the past nine years.
“In New Jersey right now, we're experiencing the perfect storm,” Mindy Lissner, executive vice president, CBRE, tells GlobeSt.com exclusively. “Lease rates are up, vacancies are down, construction is up, cap rates are down, land prices are up. There are a lot more ups than downs, and the downs are good downs. It's definitely a dynamic market with a lot happening.”
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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].
