The Northern New Jersey Market has been showing signs of sound improvement since 2013. The industrial warehouse, manufacturing, and flex product types consists of roughly 800,823,825 Square Feet containing approximately 17,225 buildings.
Vacancy rates have been steady or decreasing quarter over quarter leading to positive absorption and an uptick in leasing activity. At the 2Q14 the vacancy rate held at 8.5% similar to the close of the first quarter, and a decrease from 8.8% at the close 3Q13. Net absorption was positive at the close of the quarter totaling 918,000 Square Feet .