Colliers International reported record-setting demand and positive net absorption of New Jersey industrial space in the third quarter. “New Jersey’s industrial average asking rent today is $7.13 per square foot, which is 15.4 percent higher than this time last year,” said David A. Simon, executive managing director and New Jersey market leader for Colliers.
Significant transactions included Wayfair’s 1.3 million-square-foot commitment at 1 Brick Yard Road in Cranbury, Rema Foods’ 320,867-square-foot lease at 2353 Route 130 in Dayton, and RAB Lighting’s 264,085-square-foot lease at 10 Broadway Road in Cranbury.
The office market also showed strong fundamentals. “At 20.2 percent, overall office availability improved 40 basis points quarter-over-quarter, reducing the total available space to 42.2 million square feet — the lowest total since year-end 2009,” said John Obeid, senior director for Colliers. Average asking rents rose to $26.51 per square foot, $0.18 per square foot more than a year ago.
Colliers reported that five of eight Central New Jersey office submarkets recorded positive net absorption, with the 287 Corridor submarket seeing the most at 111,499 square feet. Central New Jersey office leasing totaled 983,611 square feet, with the Princeton submarket alone accounting for 30.8 percent of the activity. Notable regional leases included PNC Financial Service’s 88,914-square-foot renewal at 2 Tower Center in East Brunswick and Billtrust’s 88,759-square-foot lease at 1009 Lenox Drive in Lawrenceville.