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Plateauing vacancy supported by encouraging absorption trend
Vacancy in the Northern New Jersey industrial market remained unchanged from Q2 2025, holding firm at 7.2%. Signs of plateauing and even downward movement in vacancy are beginning to appear in the data. Two submarkets, Exit 12 and Exit 7A/Trenton, which still have some of the highest submarket vacancy rates across the broader market, saw considerable declines in Q3 2025, with vacancy falling 270 basis points (bps) in Exit 12 and 210 bps in Exit 7A/Trenton. Leading the positive momentum was relatively strong net absorption, with quarterly net absorption measuring 1.2 million square feet (msf) in Q3 2025. Evidence of such demand in each respective submarket is reflected in several of the largest quarterly transactions, as Sino Investment and BroadRange Logistics each committed to nearly 500,000 square feet (sf) of leases this quarter.