"Although Morris County boasts exceptional accessibility and highly favorable demographics, the county's industrial supply is well below that of the markets to the east. While that can make the market challenging for tenants searching for space, it provides many benefits to landlords like Jofra Realty," says NAI James E. Hanson's Perkins.

"With only 38,603,715 square feet of rentable industrial building area, the Morris County industrial market remains one of northern New Jersey's smallest. Only projected to add 25,000 square feet of new industrial space over the next several quarters, the market will continue to remain one of the region's smallest," says Kristen Jost, research analyst for NAI James E. Hanson.

She adds, "Unfortunately for tenants and fortunately for landlords, the small size of the market and the continued westward migration of industrial tenants will continue to drive vacancy rates lower and rental rates higher over the next several quarters."