Outsized demand growth compared to supply deliveries continued to push overall vacancy down throughout the metro area while rents for new leases continued to rise.
Traditional demand drivers such as the wholesale, transportation and manufacturing sectors led occupancy growth during 2019. In 2020, however, e-commerce is expected to comprise a significant portion of demand growth.
Capital investment volumes remained elevated compared to the 10-year average. New product coming to market, largely pre-leased, assures future supply for investment demand.
Southern NJ’s ascendancy as a logistics node was fully realized in 2020 as pricing and demand reached parity with adjacent logistics markets such as the Lehigh Valley.