The Northern and Central New Jersey industrial market consists of 12 counties with 650,984,043 square feet. Total vacancy, which ended the 1Q2016 at 5.70%, is down .04% from the 4Q2015 and net absorption ended the quarter at 2,321,690 square feet. The average asking rate at the end of the 1Q2016 registered at $5.97/nnn per square foot, an increase of .26 from 4Q2015. Overall, going into mid-year, there is still optimism in the market.
The Northern and Central New Jersey Class A and B office market consists of 230,391,683 square feet. The average asking rate ended the 1Q 2016 at $23.30 per square foot, which is a $0.31 per square foot increase from the 4Q2015. Vacancy decreased from the 4Q and ended at 15.4% while net absorption remained positive at 164,024 square feet. Leasing registered over 2 million square feet.
Statistics: NAI James E. Hanson Northern and Central New Jersey Industrial & Office Report