SADDLE BROOK, NJ—The industrial market continues to be the standout commercial real estate sector in New Jersey and a top US market for both occupiers and investors, according to CBRE.
But most of the new construction is concentrated in large distribution centers, typically over a million square feet, and the new construction isn't helping tenants seeking mid-range buildings between 100,000 and 250,000 square feet, where most of the activity in New Jersey leasing takes place, says Thomas Monahan, CBRE executive vice president.
Leasing activity was strong in Q3 2017, highlighted by Wayfair's 1.3 million-square-foot lease at 1 Brick Yard Road in Cranbury. Availability rates across the state have continued to compress to pre-recession lows, and average asking rates responded by climbing to $6.64 per square foot This marks the 11th consecutive quarter of asking rate growth.
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