The New Jersey office market is trending positively with 4.3 million square feet absorbed since the start of 2015 and positive absorption in three of the four years recorded. Demand in 2019 eclipsed the 2018 midyear total by 6.1% with some notable deals still in the pipeline for Q3 2019.
Warehouse vacancy continued to fall, as four out of five New Jersey submarkets south of Exit 12 ended Q2 with vacancy rates below 2.0%. There are still no signs of overbuilding, with net absorption outpacing developments by an almost 2:1 ratio since 2015.
In May, the Port of NY/NJ handled more cargo than any other year on record, pushing it into second place for the first time in over 20 years.
Be on the lookout for more editions of Five Fast Facts from Cushman & Wakefield’s Tri-State Research team each month. You can download the pictured graphic by clicking here.