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Bussel Realty Corp. (BRC), a leading corporate and industrial real estate services firm in New Jersey, today announced Jordan Metz, senior vice president of BRC, recently closed multiple industrial transactions in Union County, New Jersey.
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.
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.