Page 34 - midJersey Business - March 2015

NJ BUSINESS REPORT
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5.7%

a 2 percent increase from 2013. This was example, the vacancy rate lowered to
the most signiicant one-year apprecia- 8.2 percent for the United States and 6.5

tion in almost ive years.
percent for Central New Jersey. Through-
The Central New Jersey ofice market out QII, the U.S. market experienced

has over 61 million square feet (msf) of a positive net absorption of over 34.7
inventory and approximately 10 msf va- msf, while more than 100 msf was under

The Central cant. The region is home to some of the construction. Construction continues to
nation’s largest warehousing and distribu- be underway in the Central New Jersey
New Jersey
tion facilities.
market, which is rapidly developing to
unemployment rate
Overall, Central New Jersey has a sustain industry demand.
was 5.7 percent
network of highways and interstates,

quality transportation infrastructure, and ●
in QII. Hunterdon proximity to major shipping ports and CONCLUSION
The economy rallied in the second quar-

continues to have airports which fuels demand for these ter after harsh weather and stagnation
types of commercial properties.
hampered economic progress earlier in
the lowest rate of
Overall, industrial job gains have accel- 2014. The unemployment rate dimin-
any of the
erated growth in the industrial real estate ished; personal income and consumption

21 counties
market. Through the irst two quarters, increased; and business movement was
there have been over 218,000 new jobs favorable. These trends are suggestive of
in the state.
added to this sector of the economy.
further economic growth and revitaliza-
This has hastened industrial expansion tion. For more economic data, visit

and the purchase of available stock. By
www.midced.org

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32 midJersey