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New Jersey Industrial Market Enjoying Record Setting Year

November 13, 2018 / Monsef Rachid

According to Transwestern's Third-Quarter 2018 Industrial Market Report, on a remarkable demonstration of strength and momentum, New Jersey's industrial sector set new records last quarter in absorption, vacancy rates and asking rents. Industrial real estate in the Garden State absorbed 17.1 million square feet of space during the past 12 months, surpassing its previous year-over-year high of 14 million square feet set the prior quarter. The rush to fill space was geographically widespread, with positive absorption seen in 21 of 25 submarkets on a year-over-year basis.