This report examines the current industrial vacancy landscape in New Jersey and explores the potential impact on projected vacancy rates if all ongoing construction properties are delivered with their existing preleasing levels.
A recent surge in vacant completions throughout 2023 significantly increased the market's warehouse/ distribution supply, leading to a 5.2% vacancy rate by the end of Q3 2023. This rise can be is primarily due to the introduction of newly completed product spanning 250,000 square feet and larger.
Report highlights:
- Current Vacancy by Building Size
- Forecasted Vacancy by Building Size
- Under Construction Pipeline
- Share of Current Vacancy
- Share of Under Construction Vacancy
