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Lack of supply forces tenants to expand their searches across the region for modern industrial product

  • ​Currently, an estimated 50.7million square feet of tenant demand is targeting the North East Industrial Region. However, a total of only  31.3 million square feet of Class A space is available, resulting in a staggering 19.3 million square feet of excess industrial demand. 
  • New Jersey has the largest concentration of excess industrial demand with its three markets comprising 18.5 million square feet of the total excess demand.  Due to the fierce competition for industrial space throughout the region, rental rates have increased as much as 17.0 percent in some submarkets.
  • Tenants unable to locate space in any one particular submarket may need to think more regionally and consider looking across state borders where industrial space shortages may be less severe.
  • Historical transaction trends indicate that just over half of the active tenants in the market will sign leases in the next 12 months. Therefore we expect nearly all of the 31.3 million square feet of Class A space that is available today to be off the market by this time next year.​

Source: JLL Research

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