Northern New Jersey industrial space demand should bounce back in 2025

Last year, Northern New Jersey owners navigated the weakest demand environment in over a decade, as net absorption, or the change in occupied space, posted the lowest annual reading since 2012. CoStar projects a rebound in property owners’ fortunes this year, boosted by recent leasing activity and the tentative six-year master contract for dockworkers at the Port of Newark, reached last week.