Oftentimes, when a region sees more construction activity, it will lead to more unused space. That's what we're seeing in New Jersey's industrial space.
A new market analysis report from NAI James E. Hanson that looked at the northern and central markets in the state, revealed that the vacancy rate ticked up to six percent at the end of 2024, compared with 4.7 percent in the same period in the previous year. Nearly 12 million square feet of construction was added to the inventory last year, with 9.5 million delivered as vacant.
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