Midyear 2022 BRC Review

More than 4+ million square feet leased during the second quarter of 2022 in the Northern/Central NJ industrial market. Compared to the second quarter from a year ago, leasing activity decreased approximately 4 million square feet due to the scarcity of inventory. However, the market overall average asking rent rose to approximately $12.00 to $14-persquare-foot, an increase of $2.00-per-square-foot over the same quarter last year. Availability/vacancy rate ticked downward from just over 2 percent in the second quarter 2021, to sub-2 percent, despite millions of square feet of new construction coming online during the year. Over the past 12 months, the total overall sales volume exceeded $2.1 billion, with the average asking price at approximately $180 to $250-per-square-foot; near historical highs for the New Jersey marketplace.

Midyear 2022 BRC Review
Quarterly Report

    Midyear 2022 BRC Review

    - More than 4+ million square feet leased during the second quarter of 2022 in the Northern/Central NJ industrial market. Compared to the second quarter from a year ago, leasing activity decreased approximately 4 million square feet due to the scarcity of inventory.

    - However, the market overall average asking rent rose to approximately $12.00 to $14-persquare-foot, an increase of $2.00-per-square-foot over the same quarter last year.

    - Availability/vacancy rate ticked downward from just over 2 percent in the second quarter 2021, to sub-2 percent, despite millions of square feet of new construction coming online during the year.

    - Over the past 12 months, the total overall sales volume exceeded $2.1 billion, with the average asking price at approximately $180 to $250-per-square-foot; near historical highs for the New Jersey marketplace.

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    SIOR IOREBA Edison Chamber Of Commerce costar
    Bussel Realty Corp
    2 Ethel Road - Suite 202A
    Edison, NJ 08817
    732-287-3777