• Leasing velocity was up across both Northern and Central New Jersey. Unlike the first quarter, new leases drove the markets as renewals took a back seat.
  • Net absorption turned negative in the second quarter, swinging the year-to-date total to a slightly negative position of -85,000 sq. ft. 
  • The availability rate increased by an inconsequential 10 basis points (bps) for the quarter. This leaves the rate at 21.2%, 80 bps above the same period last year.
  • Although the average asking lease rate was essentially flat quarter-over-quarter at $26.47 per sq. ft., it reflects an increase of 1.6% over the same period a year earlier.