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A report released by CBRE found that the vacancy rate for the Central and Northern New Jersey market for the 6.3 million square feet of new construction last year, stood at just 22.2% at the end of 2019.
Even though the U.S. hotel industry registered record-breaking performance levels during 2019, RevPAR growth was the lowest since the current cycle began in 2010.
With the exception of retail, the UCLA/Allen Matkins survey for each market predicts 2022 will be as good as or better than 2019, with panelists optimistic about industrial and multifamily projects, and neutral about office product.