Industrial developers and property owners are anticipating a challenging leasing environment in the upcoming year and into 2025 due to the significant amount of new industrial space scheduled for completion. Currently, there are 18.2 million square feet of industrial space under construction in New Jersey, with 90% still available for lease. This influx of new supply is expected to impact the state’s fundamentals, particularly in Northern New Jersey.
The metropolitan area is already grappling with an unusually weak year for industrial space demand. Last year, net absorption, or the change in occupied space, recorded the first annual negative reading since 2012. CoStar predicts a second consecutive negative result in 2024, causing the average industrial vacancy rate for the region to increase by approximately 100 basis points to 5.1%.
For more information about South Jersey industrial space for sale or lease, please contact WCRE at 856-857-6300.
Wolf Commercial Real Estate, a full-service CORFAC International brokerage and advisory firm, is a premier South Jersey commercial real estate broker that provides a full range of commercial real estate listings and services, property management services, and marketing commercial offices, medical properties, industrial properties, land properties, retail buildings and other commercial properties for buyers, tenants, investors and sellers.
Please visit our websites for a full listing of commercial properties for lease or sale through our commercial real estate brokerage firm.
