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Avison Young’s Third Quarter New Jersey Industrial Market Insights Report highlights a continuously strong market
Nearly 97% of high-quality industrial space is currently occupied
Morristown, NJ – Avison Young today released its Third Quarter 2022 Industrial Market Insights Report for New Jersey. The report reveals while broader market forces have shifted the market, the industrial asset class continues to show strength and strong leasing. Asking rents have grown 21% year to date (YTD) as vacancies remain at historic lows. Additionally, the report indicates that occupier demand for high-quality space has generated a development pipeline with over 20 million-square-feet (msf) of new industrial space now under construction.“Occupiers are looking for modern facilities that can meet the ongoing demands of today’s booming e-commerce and industrial market, but New Jersey’s existing spaces are mostly spoken for,” said Jeffrey Heller, Principal & Managing Director of Avison Young’s New Jersey office. “While availabilities have increased by over three million square feet, this is only a small increase as occupiers are feeling the squeeze for modern space.”
Federal monetary policy has increased the cost of capital, creating a challenging environment for developers seeking constructing loans. In New Jersey, recently introduced state guidelines urge municipalities to revisit those ordinances that have mitigated overbuilding. “We’re confident that despite construction costs and federal and local policies, New Jersey’s industrial market will remain strong as these new developments come online later this year and into the next,” said Heller.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
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MEDIA
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.
For more information:
MEDIA
- Nathan Reyna, Regional Media Relations & Content Specialist, Northeast: +1.917.877.1697
- Jeffrey Heller, Principal & Managing Director, New Jersey: +1.973.753.1100