Ultralow vacancy means few options for tenants in Northern New Jersey industrial market
Conditions in the Northern New Jersey industrial market continued to favor landlords during the first quarter of 2022 with exceptionally low vacancy and rising rents. While vacancy inched up by 20 basis points to 2.5%, it remains close to a historic low. Asking rents continue to climb, ticking up by $0.33 to $11.18 per square foot (psf) since year end 2021. Rates have increased by 31.7% from two years ago, which has become a major pain point for tenants up for lease renewals.