SOMERSET, NJ—Cassidy Turley recently released itsmarket snapshot for Northern and Central New Jersey, which revealed positive upticks in both markets.
In Northern, the industrial market showed 679,329 sq. ft. of positive absorption, which represents the second continuous quarter of declining vacancy rates. The current rate, 7.5 percent, is down 0.2 percent from 7.7 percent at the end of 2012.
In addition, asking rates have increased to $5.75 per sq. ft., up from $5.61 per sq. ft. in 2011.
The bright spot for Northern New Jersey was the Meadowlands submarket, which reported 901,908 sq. ft. of positive absorption.
Central New Jersey’s industrial market 1.4 million sq. ft. of positive absorption in the first quarter, exceeding the yearly net absorption from 2012. Vacancy rates decreased to 7.9 percent from 8.4 percent at year-end 2012, while average asking rates increased to $4.43 per sq. ft.
The top performer in Central New Jersey was the Exit 12 submarket with 876,705 sq. ft. of positive demand.