CBRE announced on Wednesday that the industrial real estate market’s brisk development has continued throughout the COVD-19 pandemic.
The virus, according to CBRE, managed to disrupted the nation’s economy and has been felt by nearly all markets. However, the market hs continued to show signs of strength, with availability ranging from 5.5% in Central Jersey to 11.6% in Northeast Pennsylvania.
Here’s state broken down by region and availability rate:
- Central New Jersey, 5.5%;
- Northern New Jersey, 6.5%;
- Southern New Jersey, 7.5%.
Developers have responded to the market’s resilience by pushing through new projects and properties, CBRE said. Once construction resumed after COVID-19 related shutdowns, 6.7 million square feet of deliveries were completed and 7.9 million square feet of new construction began.
Construction activity by market:
- Central New Jersey, 11.45 million square feet under construction;
- Northern New Jersey, 2.95 million square feet;
- Southern New Jersey, 4.32 millions square feet.
Overall when combined, New Jersey constitutes nearly half of all properties being developed with almost 20 million square feet.