| Industrial leasing activity for the first three quarters this year was slightly less than that of '09 in Northern and Central NJ, with overall vacancy increasing slightly to 9.5% in Q3 and occupancy remaining flat as renewals remain popular, according to latest research from Colliers International. In some cases, companies are downsizing or relocating for less expensive space, and lease transactions are being completed at lower rental rates than expected (average asking decreased from $5.77/SF to $5.68/SF NNN in Q3, down from $6.08/SF last year). But the firm says keep an eye out on the following: several large distribution companies surveying the market, which could result in Q4 positive absorption; the ProLogis portfolio sale to Blackstone, as the former controls nearly 18M SF in the market; and Gov. Christie's support of the Bayonne Bridge modernization, which is critical to NJ's economy. |
A More Lively Q4?
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Bayonne Bridge, Central NJ
