• New Jersey’s unemployment rate fell to 4.0% in November, its lowest level since June 2001.
  • Fourth quarter leasing activity increased year-over-year by approximately 113,000 sq. ft., although annual activity was down by about 8% compared to 2017.
  • At 1.6 million sq. ft. of net absorption, the market recorded its highest annual total since 2005. Absorption was positive in 2018 in three of the four quarters.
  • The market posted an availability rate of 20.4%, a slight decrease over the third quarter, the lowest rate in the past 10 years.
  • The average asking lease rate ended the year at $26.45 per sq. ft. This was the second highest average rate recorded since the first quarter of 2002.