Momentum builds, sublease availability keeps market in check

Momentum across the Northern New Jersey industrial market became more apparent through the first half of the year as marketwide vacancy continued to show signs of plateauing alongside continued positive net absorption. However, despite these positive trends, not all market indicators are moving in sync. Sublease availability increased in Q2, rising 6.0% year over year to just under 12.0 million square feet (msf). During the past 60 days, 2.6 msf of sublease availability has come to market, suggesting that despite encouraging absorption, active leasing and stable vacancy, the market may continue to remain in a steady holding pattern.

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