HACKENSACK, NJ— The northern and central New Jersey industrial market's leasing velocity continued into the third quarter, with more than 6.4 million square feet leased in the quarter alone, an increase of almost one million square feet from the second quarter of 2017, according to research by NAI James E. Hanson.

Sales volume also saw a marked increase from the second quarter, with more than $573 million in third quarter sales volume, an increase of $22 million from the prior period. The average sales price per square foot continues its march towards triple digits at $81.66 per square foot for the quarter, an increase of $26.66 per square foot from last year's third quarter number.

“As the costs to enter into New Jersey's most easterly markets continue to increase, we are seeing a continued western and southern shift in demand and, subsequently, investment,” said Scott Perkins, SIOR, CCIM, senior vice president and chairman of NAI Hanson's Industrial Council. “Developers continue to see better opportunities for return on their investments along the corridors of New Jersey's main highway arteries. This shift aligns with the continued search for budget-friendly and accessible spaces beyond the pricier Meadowlands markets, particularly in the Essex, Morris, Sussex and Warren markets. Our industrial team at NAI James E. Hanson looks forward to continuing to leverage our decades of experience in each of these emerging industrial markets on behalf of our clients into the fourth quarter and beyond.”