From left, Andrew Judd and Jason Price of Cushman & Wakefield
EAST RUTHERFORD, NJ—The New Jersey industrial market, fueled by robust demand, recorded a record low vacancy rate for the second quarter of this year and historically high asking rents as well. The office market also ended the second quarter on a high note, according to Cushman & Wakefield.
According to a report released by commercial brokerage firm Cushman & Wakefield, the statewide industrial vacancy rate hit a record low of 3.3%, while asking rents ended the second quarter at $9.27-per-square-foot, a record-high.
“New Jersey industrial conditions remain among the strongest in the nation,” says Cushman & Wakefield's Andrew Judd, New Jersey market leader. “Growth in online sales and the need for next-day and same-day delivery persists for retailers. This was a major driver in year-to-date leasing activity reaching its highest total in three years.”
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
