BRC Year-end Review 2023

- More than 22.5 million square feet leased in 2023 in the Northern/Central NJ industrial market. Compared to 2022, leasing activity increased substantially from 4.9 million square feet. - Industrial market rents in Northern New Jersey range from $13.00 to $20.00 per square foot. However, asking rents have hit a plateau and are no longer increasing. We expect asking rent to begin decreasing in 2024. - Northern New Jersey industrial vacancy rate of 2% in 2022 increased from this historical low to a current rate of near 5%. - Over the past 12 months, rising interest rates had an adverse impact on industrial sales activity. Transaction volume slowed noticeably in 2023, totaling $1.14 billion. This is a significant decrease from the 2022 $2.1 billion.

BRC Year-end Review 2023
Quarterly Report

    BRC Year-end Review 2023

    - More than 22.5 million square feet leased in 2023 in the Northern/Central NJ industrial market. Compared to 2022, leasing activity increased substantially from 4.9 million square feet.

    - Industrial market rents in Northern New Jersey range from $13.00 to $20.00 per square foot. However, asking rents have hit a plateau and are no longer increasing. We expect asking rent to begin decreasing in 2024.

    - Northern New Jersey industrial vacancy rate of 2% in 2022 increased from this historical low to a current rate of near 5%.

    - Over the past 12 months, rising interest rates had an adverse impact on industrial sales activity. Transaction volume slowed noticeably in 2023, totaling $1.14 billion. This is a significant decrease from the 2022 $2.1 billion.

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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