A persistent mismatch in New Jersey’s industrial property sector between occupiers’ space needs and the influx of large new projects is creating a divide in the types of available industrial spaces. As of early August, small bay properties (under 50,000 square feet) have an availability rate of just 3.9%, while buildings sized between 50,000 and 100,000 square feet have a 6.5% availability rate. In Northern New Jersey, where many construction contractors and distributors operate, small bay space is especially scarce. Areas like Kenilworth and Cranford in Union County, and Fairfield in Essex County, have completely full small-bay properties due to a lack of new supply over the past decade.
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