• Average asking rent reached $7.39 per sq. ft., a new record for the market. Northern and Central New Jersey also posted new record highs, with Northern New Jersey breaking the $8.00 barrier.
  • Peak taking rents for Class A product approached $13.00 per sq. ft. in Northern New Jersey and hit $10.50 per sq. ft. in select Central New Jersey submarkets.
  • Leasing activity was down slightly quarter-overquarter, at 6.7 million sq. ft., but posted the highest second quarter result since 2001.
  • Although down 900,000 sq. ft. compared with Q1 2019, net absorption in Q2 was strong at 3.6 million sq. ft.