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Core submarkets lead broader market decline
The broader Northern New Jersey industrial market continued to see both climbing vacancy and average asking rent declines in Q1 2026. From a pricing perspective, core port centric submarkets have continued to weigh on the broader market and have generally observed the largest declines from their peak market pricing. Notable submarkets such as Route 280/Suburban Essex, Bergen Central, Linden/Elizabeth, Union Central and Hudson Waterfront have all seen average asking rent declines of 16.0% or more from their relative peak. The same set of submarkets have also observed considerable vacancy hikes from peak market, averaging about 600 basis points (bps) from the respective 2022 lows.