Colliers International's Chicago office reports that the vacancy rate for big box buildings of more than 200,000 square feet declined by 54 basis points to 8.53% at the end of the first quarter of 2019.
JLL notes that flex space inventory accounts for less than 5% of US office stock and that by 2030 that number will have skyrocketed to approximately 30% of the market.
When combined with indirect and induced jobs, tourism sustained more than 531,000 jobs in 2018, making tourism the seventh largest employer in New Jersey.
The brokerage firm in its first quarter 2019 market snapshot report notes that availability and vacancy are near all-time lows and rental rates continue to increase at a 3.5%-4% annual rate.