Southern New Jersey Industrial Market | Overview
- The Southern New Jersey industrial vacancy rate increased from the end of the third quarter 4.1% to 4.8%.
- Annual absorption totaled over 3.7 million square feet, strong but behind the last three years.
- The average asking rent increased by over 4.0% in the fourth quarter to $4.73 per square foot, triple net. Burlington County has had the largest increase in rents, and is above the overall average at $5.49 per square foot.
- Investment activity increased following a slow third quarter.
Southern New Jersey’s vacancy increased during the fourth quarter due to the delivery of 528,872 square feet of vacant speculative construction and 870,903 square feet of former Nine-West space.