• Despite more than 11 million sq. ft. under development, lack of supply continues to restrain leasing activity, especially buildings greater than 600,000 sq. ft.
  • Nearly two million sq. ft. of space was delivered in the second quarter, 64.0% of which was pre-committed.
  • At $7.00 per sq. ft., the market’s average asking lease rate again reached a new peak.
  • Net absorption for the market overall was again positive and year-to-date, now exceeds one million sq. ft.
  • Due to the Bayonne Bridge Navigational Clearance project, the Port of New York and New Jersey has experienced greatly increased activity.