Figures

Northern and Central New Jersey Industrial Figures Q4 2023

January 11, 2024 10 Minute Read

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Cooling demand and record-breaking construction deliveries drove vacancy up 170 basis points (bps) throughout 2023, but a reduced development pipeline and steady demand point toward slowing vacancy growth over the short term. After overcoming a slight slowdown in the second quarter of the year, leasing activity returned to a pace on par with 2022 levels as 22.5 million square feet (sq. ft.) of new or expansion leases were completed.