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Bussel Realty Corp. (BRC), a leading industrial/retail real estate services firm in New Jersey, today announced it leased 11,000 square feet at 459 Somerset Street in Somerset, New Jersey, a 22,000-square-foot industrial building.
Bussel Realty Retail Services, a division of Bussel Realty Corp (BRC), a leading industrial/retail real estate services firm in New Jersey, represented PetWellClinic, an emerging pet-wellness franchise, in opening its newest store at 23 North Fairview Avenue in Paramus, New Jersey.
Bussel Realty Retail Services, a division of Bussel Realty Corp (BRC), a leading industrial/retail real estate services firm in New Jersey, represented the landlord in leasing 1,530 square feet at Veronica Plaza, 1165 Route 27, in Somerset, New Jersey, a 30,000-square-foot neighborhood retail center.
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.