- Average asking industrial rental rates took a leap forward in third quarter of 2015 thanks to a strong lift in Central New Jersey’s asking rental rates.
- The gap between rates in Northern New Jersey and Central New Jersey continued to compress during the third quarter. Asking rental rates in Northern New Jersey are now only $0.88 per square foot higher than rents in Central New Jersey. This is down 25.0 percent from their historical average of $1.16 per square foot.
- This trend is representative of the impact of new Class A construction, which has helped to raise asking rental rates throughout Central New Jersey, and a flight-to-quality amongst users who are finding greater value further South along the New Jersey Turnpike.
Agency Leasing, Brokerage, Commercial Real Estate, CRE, Industrial, Industrial Services, JLL, New Jersey, NJ, Research