M id A tlantic Real Estate Journal — Brokerage Directory — July 2024 — 15A
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B rokerage D irectory
Leasing activity of 5.9 million sf during the Q2 spurred by 3PL firms CBRE: Small leases lead New Jersey industrial market to strong performance in Q2 2024
ADDLE BROOK, NJ — After a slight decline during Q1 2024, North- ern and Cen- tral New Jer- sey’s indus- trial sector was back in positive form during Q2 with 5.9 mil- lion s/f leased - a 16% quar- terly increase, according to S Chad Hillyer
CBRE’s New Jersey Industrial Figures report. Strong demand by smaller tenants, particularly third- party-logistics (3PL) compa - nies, which accounted for 47% of the market’s total leasing ac- tivity, helped push absorption to a positive 1.7 million s/f. As a result, occupancy increased for the first time since Q1 2023. The vacancy rate jumped by 10 basis points (bps) to just 5.0% due to the delivery of
two million s/f. of new product entering the marketplace - the slowest increase in vacancy since the same time last year. “New Jersey’s industrial market continues to exhibit resiliency despite economic concerns and lingering infla - tion felt earlier this year,” said CBRE’s Chad Hillyer . “Small- er leases by 3PL and food and beverage companies accounted for most of the leasing activity during the quarter, which once
again was strong, especially in the 50,000 to 100,000 s/f range.” Strong leasing activity in Q2 was a boon for developers of new facilities given that 1.6 million s/f of space was ab- sorbed in properties built after 2021. The largest two leases in the market during Q2 were DSV’s 355,000 s/f commitment at 300 Salt Meadow Rd. in Carteret,and JW Fulfillment’s 342,000 s/f lease at 99 Callahan Blvd. in Sayreville.
While the vacancy rate was up slightly, sublease avail- abilities reached the highest level since Q3 2020 at 6.5 million s/f The average ask- ing rents remained relatively stable quarter-over-quarter with class A space rents at $19.40 per s/f industrial space in class B and C properties experienced an increase of 3% due to strong demand for smaller units, to end the quar- ter at $16.62 psf. MAREJ
SVN I LATUS 3920 Market St. • Ste. 351 • Camp Hill, PA 17011 P: 717-737-2422 F: 717-737-2433 www.svnlatus.com Swope Lees Commercial Real Estate 208 East Market St. • West Chester, PA 19382 P: 610-429-0200 F: 610-429-0700 www.swopelees.com T D K Commercial Advisors 2001 Market St. • Two Commerce Square Ste. 2570 • Philadelphia, PA 19103 P:215-292-5575 Vantage Real Estate Services LLC 901 Market Street • Suite 3020 Philadelphia, PA 19107 NJ: 856-797-1919 • PA: 267-800-7899 info@vantageres.com SOUTH CAROLINA PA • SC • VA • W ashington , DC B rokerage D irectory Poe & Cronk Real Estate Group 10 S. Jefferson St. • Ste. 1200 Roanoke, VA 24011 P: 540-982-2444 F: 540-342-8549 Porter Realty Co. Inc./ CORFAC International 4801 Radford Ave. • PO Box 6482 Richmond, VA 23230 P: 804-353-7994 F: 804-355-7950 Savills 7900 Tysons One Place • Ste. 420 Tysons, VA 22102 P: 703-442-9000 F: 703-847-9038 • savills.us Sloan Street Advisors / ITRA Global 1750 Tysons Blvd. • Ste. 1500 McLean,VA 22102 P:703-758-7479 F: 703-636-2693 www.sloanstreetadvisors.com WASHINGTON, DC DONOHOE 5151 Wisconsin Ave NW • Ste. 400 Washington, DC 20016 P: 202-333-4977 VIRGINIA Cottonwood Commercial Realty 1958 Evelyn Byrd Ave. • Harrisonburg, VA 22801 P: 540-434-9922 • www.cottonwood.com John Lee & Associates, Inc. 5520 Greenwich Rd. • Ste. 207 Virginia Beach, VA 23462 P: 757-490-3311 F: 757-490-3121 Marcus & Millichap 4401 Waterfront Dr. • Ste. 230 Glen Allen, VA 23060 P: 843-952-2300 Benjamin Yelm, VP/Regional Manager
7204 Glen Forest Dr.,Ste. 202 Richmond, VA 23226 kwells@northmarq.com Keith Wells • Wink Ewing • Mike Lowry Charlie Rimkus • Win Martin Matt Straughan P: 804-716-9153
Marcus & Millichap 7200 Wisconsin Ave. • Ste. 1101 Bethesda, MD 20814 P: 202-536-3700 www.marcusmillichap.com Brian Hosey, First VP/Division Manager
Marcus & Millichap 1320 Main St. • Ste. 300 Columbia, SC 29201 P: 843-952-2300 Benjamin Yelm, VP/Regional Manager
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