In New Jersey, new ground breakings retreat to pre-pandemic levels, 56.1% of 2024 deliveries remain vacant

Following a record breaking five years, with an average of 13.1 msf in annual new product deliveries, 2024 saw a return to pre-pandemic levels of new ground breakings.

The New Jersey market added 12.5 msf of new inventory in 2024, a 39.3% drop from the 20.6 msf delivered in 2023.

Key submarkets—including Old Bridge/Sayreville, Exit 10 Route 440, Exit 8A, Piscataway, and Exit 9—saw 5.19 msf of deliveries, with 3.62 msf still available, driving up availability in the NJ Turnpike and I-287 corridors.