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Industrials See Second Highest Absorption, Office Rebounds in Second Quarter

“As ecommerce grows, occupiers continue to demand warehouse space in the last mile of their distribution chain,” says John Obeid of Colliers International. “Fundamentals in northern New Jersey continue to post record improvement, with average asking rent, availability rate and construction activity currently at historical levels.”

By Steve Lubetkin | stevelubetkin | Updated on July 03, 2017

John Obeid, left, Colliers International's senior director of research for New Jersey, and David Simon, executive managing director and market leader for New Jersey John Obeid, left, Colliers International’s senior director of research for New Jersey, and David Simon, executive managing director and market leader for New Jersey

PARSIPPANY, NJ—E-commerce companies and demand for warehouses that rapidly filled spec buildings drove industrial activity, with central New Jersey market recording its second highest absorption ever while northern and central New Jersey office markets rebounded from a slow first quarter, according to Colliers International. Colliers released its second-quarter 2017 Market Snapshots, which outline key trends, transactions and expectations.

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