BRC Year-End Review 2022

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.

BRC Year-End Review 2022
Quarterly Report

    BRC Year-End Review 2022

    • 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.
       
    • Click here to download the full report.

     

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