Northern and Central New Jersey Industrial Figures Q3 2023

October 10, 2023 10 Minute Read

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The NJ industrial market saw a rebound in leasing activity in Q3 2023 after a softer performance last quarter. Despite economic headwinds for retail, e-commerce, manufacturing and other warehouse occupiers , there was 5.5 million square feet (sq. ft.) in leasing activity, a 31% quarterly increase, and 19% above Q3 2022. Activity was spurred by a willingness to demise newly built spaces by owners and an increase in sublease activity during the quarter. Despite this recent uptick, leasing activity still lagged the five-year quarterly average by 8.0%. The pace of vacancy decelerated during the quarter as the overall tally moved 40 basis points (bps) higher to 4.1% compared to a 100 bps increase last quarter.