NEW JERSEY-According to the third quarterMarket Snapshot released last week from Cassidy Turley, New Jersey’s Turnpike corridor continues to be the bright spot of leasing activity for the industrial real estate sector.
According to Cassidy Turley’s report, the central New Jersey industrial market experienced 583,653 sq. ft. of positive net absorption in the third quarter, resulting in a downturn of overall vacancy to 7.8 percent from 8.0 percent in the second quarter.
On the other hand, northern New Jersey has experienced the opposite impact in the third quarter with vacancy rates rising from the previous quarter, according to the report. Previously, vacancy rates averaged 7.7 percent in the second quarter and rose to 7.9 percent in the third. The bright spot for northern New Jersey industrial market is rates. Average asking rates have stabilized and are beginning to stabilize.
A few of the most impactful industrial transactions that closed during the third quarter include:
- Argix Logistics, which signed a 324,381-sq.-ft. at 100 Middlesex Center Boulevard in the Exit 8A submarket.
- Ryder Integrated Logistics, which inked a 248,611-sq.-ft. deal at 1165 Cranbury South Rover Road, also in the Exit 8A submarket.
- The $8.65 million sale of the 129,346-sq.-ft. 1 BMW Plaza in North Bergen.
- Salson Logistics, which signed on for 260,000 sq. ft. at 481 Doremus Ave. in Newark.