New Jersey industrial real estate market report
Q3 2024
The New Jersey industrial market is experiencing a return to normalcy after a prolonged period of increased activity. Asking rents have continued to decline and total leasing activity has slowed. Asking rents have fallen 6.3% since the end of 2023, with a projected 1.1% decrease by year end. Leasing activity has decreased by 31.1% year over year. Of the buildings currently under construction, 49.1% is pre-leased.
$15.15 NNN
average asking rent increases
17.28 msf
of leasing activity
49.1%
of new deliveries are pre-leased
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