“Market Conditions slow, but steady.”
DTZ’s Q2 Northern NJ Market Overview
Some notable data points:
Overall vacancy rate decreased from 17.6% for the previous quarter to 17.4%.
Average rents are $24.41 per square foot, essentially flat over the last two years.
“…a modest improvement is expected for the state’s economy over the near term and tenant activity should also expand. With no new supply on the horizon and demand projected to increase, the vacancy rate is likely to drop for the balance of 2014.”