Strong consumer confidence and moderate job growth is continuing to bolster the industrial sector in the second quarter of 2019, according to new data from Transwestern’s Q2 national industrial report.
The report said while new supply is outpacing leasing activity in some markets, other regions are experiencing a considerable rebound in net absorption after a slow start to the year.
Of the 47 markets the Houston, Texas-based real estate firm tracks, 43 of them experienced year-over-year rent increases, it said.
As for New Jersey, which Transwestern considers a secondary coastal port market:
- As the average U.S. vacancy rate went up one-tenth of a point, New Jersey went down one-tenth;
- Ranked No. 6 nationally for Q2 2019 vacancy rate (3.6%);
- Ranked No. 6 nationally for Q2 2019 net absorption (2.5 million square feet);
- Ranked No. 6 nationally for trailing 4-quarter total net absorption (8.6 million square feet);
- Placed in Top 20 for average asking rent ($8.41 per-square-foot);
- Placed just outside Top 10 for product under construction (6.9 million square feet);
- Placed in Top 15 for new product delivered in Q2 2019 (1.4 million square feet);
- Vacancy rate in 19 of 25 submarkets was lower than the U.S. average (4.8%);
- All but two of 25 submarkets reported asking rents higher than the U.S. average ($6.35 per-square-foot).