Woodbridge, NJ – At the midyear mark, NAI DiLeo-Bram & Co. (NAIDB) is reporting the impact of rising interest rates and shifting trends in consumer demand continue to play out in the commercial real estate sector. With a focus on Northern and Central New Jersey, the firm’s Spring, 2023 Market Report provides a comprehensive overview of assets across the five (5) counties that it tracks.

In the Spring, 2023 Market Review (to view click here), NAIDB details the following for the industrial, office and retail sectors in Central and Northern New Jersey:

  • Industrial: Warehouse assets continue to prove a wise investment, thanks to New Jersey’s positioning between busy ports and major cities. Overall, these properties are recording a ▲3% direct vacancy rate with an average ▲$13.82 PSF net rental rate. Net absorption is ▼599,526 SF.
  • Retail: Strong fundamentals remain in place thanks to the region’s dense population and access to an affluent consumer base with some of the highest average incomes in the nation. Despite a ▼5.8% direct vacancy rate, the ▲$21.10 average net rental rate and ▲407,840 SF net absorption rate are on the upswing.
  • Office: While this segment continues to see softening demand, the desire for amenity-rich space is strong. Across all building classes, there is a ▲12.5% direct vacancy rate and ▲$25.02 PSF average net rental rate. Net absorption is ▼-981,239 SF and gross absorption is ▼3,419,708.

As part of its highly successful 85+ years in the commercial real estate industry, NAIDB maintains a New Jersey-centric focus on specific property sectors across Northern and Central Jersey’s Middlesex, Somerset, Mercer, Hunterdon, Union, Essex and Morris counties. While concentrating on these markets, the firm’s brokerage professionals provide expertise to a diverse roster of clients, ranging from private businesses to institutional entities. By immersing itself in a targeted geographic region, NAIDB is able to pivot based on economic trends, allowing its brokerage team to collaborate internally and meet the needs of its clients in any given cycle.

Based in Woodbridge, N.J., NAIDB is a member of NAI Global, a leading global commercial real estate advisor with over 375 offices and 6,000 professionals. Leveraging the powerful support of the NAI Global Network, NAIDB offers a full suite of commercial real estate services backed by the personalized service and knowledge of a local firm with the resources of a global company.