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Price adjustments are most evident in historically tight infill markets
After several years of rapid rent growth, the Northern New Jersey industrial market has entered a period of pricing recalibration. Average asking rents declined for six consecutive quarters through Q4 2025. Markdowns have become most apparent in a handful of core infill submarkets, such as Linden/Elizabeth, Hudson Waterfront and the Meadowlands, all of which have observed year-over-year declines in the range of 5.0% to as high as 15.0%. Both cost-effective and modern sublease and second-generation options have helped drive the observed repricing. However, the broader market does appear to be testing a floor, as average asking rents declined just 0.1% from the previous quarter—the lowest quarter over quarter change since mid-2024—and market vacancy climbed just 10 basis points (bps) from Q3 2025.