12A — May 21 - June 17, 2021 — M id A tlantic Real Estate Journal
www.marej.com
I ndustrial /D istributions C enters
1Q2021
1Q2021 vs. 1Q2020 TOP 5 Transactions
LEASED
0.10% Vacancy Rate
220,000 SF | 174 Delawanna Ave., Clifton Weee!, Inc. 125,806 SF | 925 Paterson Plank Rd., Secaucus AuerPAK
$1.13 Asking Rate
107,107 SF | 116 Lehigh Dr., Fairfield Ingram Micro, Inc.
102,224 SF | 66-96 E. Union Ave., E. Rutherford* FroDo Baking Company 100,301 SF | 101 Railroad Ave., Ridgefield LY Berditchev
1,179,461 SF Leasing Activity
*NAI Hanson Transaction
Northern & Central NJ Average Asking Rate vs. Vacant Available Rate
Leasing Activity
3.8%
$9.50
3.6%
$9.00
3.4%
• Leasing activity is up 1.1 million square feet compared to the first quarter of 2020. • Average asking rates continue to rise. Compared to a year prior, rates are up $1.13 per square foot and compared to two years prior, rates are up $1.54 per square foot. • The vacancy rate still remains low and it is down 0.1% from a year prior, the rate is down 0.7% from two years prior. • NAI Hanson facilitated the transactions at 550 Huyler Street in South Hackensack and 450 Barell Avenue in Carlstadt. Parts Authority leased 27,500 square feet at 550 Huyler Street and Gneiss leased 25,210 square feet at 450 Barell Avenue.
3.2%
$8.50
3.0%
2.8%
$8.00
2.6%
2.4%
$7.50
2.2%
$7.00
2.0%
NNN Rent Overall
Vacant Available Percent Total
Northern & Central NJ Leasing Activity SF Total
12,000,000
11,000,000
10,000,000
9,000,000
8,000,000
7,000,000
6,000,000
5,000,000
4,000,000
THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES CONSIDERED TO BE RELIABLE, BUT NO GUARANTEE OF ITS ACCURACY IS MADE BY NAI JAMES E. HANSON.
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