• The average asking rent for Class A industrial space in Northern and Central NJ decreased to $10.36 per sq. ft., down 1% from the prior quarter but up 3.8% year-over-year.
• Average asking rent for all property classes was stable quarter-over-quarter at the all-time high of $7.52 per sq. ft., an increase of 3.7% from one year ago.
• First quarter leasing activity was 3.8 million sq. ft., a 56% decrease from Q4 2019 and 44% less than Q1 2019 due to smaller lease sizes.
• The availability rate for all classes eased by 10 basis points (bps) to 6.1% from Q4 2019 and dropped 30 bps from Q1 2020.