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The Metz Industrial Group at Bussel Realty Corp. (BRC), a leading industrial/retail real estate services firm in New Jersey, today announced its leased 6330 Erdman Avenue in Baltimore, Maryland, a 9,000-square-foot truck terminal and 2.7-acre industrial outdoor storage and parking site, to Lion Motors.
The Metz Industrial Group of Bussel Realty Corp. (BRC), a leading industrial/retail real estate services firm in New Jersey, today announced its leased 58,100 square feet at 2500 Brunswick Avenue in Linden, New Jersey, a 208,000-square-foot, seven-building industrial complex, to Ben Tire LLC.
More than 3.7 million square feet leased during the first half of 2023 in the Northern/Central NJ industrial market. Compared to midyear 2022, leasing activity decreased approximately 1.3 million square feet. Industrial market rents in Northern New Jersey range from $13.00 to $20.00 per square foot. At the midpoint, that represents an increase of 32% from the $10.00 to $15.00 per square foot range recorded at the beginning of 2021. Northern New Jersey industrial vacancy rates are below national averages since the middle of 2019. Vacancies hit an all time low in midyear 2022 at 2% and have been edging higher since, largely from the surge in project completions, and is 3% at midyear 2023. Over the past 12 months, rising interest rates have had an adverse impact on industrial sales activity. Transaction volume slowed noticeably in 2023, with year-to-date sales amounting to $640 million.
More than 4.9 million square feet leased during the fourth quarter of 2022 in the Northern/Central NJ industrial market. Compared to the fourth quarter from a year ago, leasing activity increased approximately 2 million square feet. However, the overall average asking rent rose to approximately $14.00 to $18.00 per square foot, an increase of $2.00 per square foot over the same quarter last year. Availability/vacancy rate ticked upward to 2.2% in the fourth quarter of 2022, an increase of 0.2% from a year ago, despite millions of square feet of new construction coming online during the year. Over the past 12 months, the total overall sales volume exceeded $2 billion, with the average asking price at approximately $200 to $300 per square foot which is near historical highs for the New Jersey Marketplace.