Vacancy stabilizes at historic low, while rents set new record amid growing economic uncertainty

The Northern New Jersey industrial market remains healthy despite an uncertain economic outlook. Vacancy appears to have reached a cyclical low at 2.4%, flat from the second quarter of 2022. However, asking rents have different plans, growing 40% over the past year to another all-time high of $15.63 per square foot (psf). Absorption did slow in the third quarter to under 1 million square feet (msf), likely due to scarcity of supply rather than softening of demand.

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