Northeast U.S. Industrial & Logistics Figures Report Q4 2024

Leasing activity totaled 10.5 million sq. ft. in Q4 2024, down 38% from the previous quarter and 30% compared to Q4 2023. The Northern and Central New Jersey (NNJ/CNJ) markets accounted for 70% of the region’s leasing.
Vacancy ticked higher by 40 basis points (bps) to 7.0%, marking the 11th straight quarter of vacancy expansion. 
Construction deliveries decreased 31% quarter-over-quarter to 9.0 million sq. ft., the least delivered since Q2 2022.  
Construction starts trended downward, with just 5.6 million sq. ft. commencing during Q4 2024. 
Northeast U.S. industrial & Logistics (I&L) average asking rents increased 1.9% quarter-over-quarter and 5.4% year-over-year to $14.49 per sq. ft.