Northeast Industrial Corridor Enters 2021 Like Gangbusters
The Northeast industrial corridor, comprised of New York City, North and Central New Jersey, Eastern Pennsylvania and Greater Boston, started 2021 like gangbusters, according to CBRE’s latest Northeast U.S Logistics MarketView Snapshot. Leasing continued to outpace supply, overall rents continued to climb and demand was insatiable, CBRE reported.
The first-quarter vacancy rate was just 3.9% along the corridor. The average asking rent climbed by $0.60 per square foot from Q4 to end the first quarter at $8.81 per square foot.
“Northern New Jersey alone posted leasing activity of 3.0 million square feet, an increase of 84% over Q4 2020,” said CBRE vice chairman Thomas Monahan. “Central New Jersey posted a new all-time high average asking rent for Class A industrial space, which climbed 8.8% and closed the first quarter at $10.42 per square foot, while Northern New Jersey broke the $15-per-square-foot mark for the first time.”
- ◦Lease