Average asking rental rates in the Northern New Jersey market have declined 4.0% year over year. This follows a year in 2024. during which 12-month net absorption notched 3.4 million square feet (msf) while the market delivered 12.4 msf of new construction over the same time frame. Examples of the ongoing market repricing are becoming most evident in prominent port-centric submarkets. The same submarkets that observed strong rent growth in 2022 and 2023, speculative development or the largest 12-month vacancy changes. For example, Newark has seen average asking rents decline over 12.0% year over year while submarket vacancy has climbed 220 basis points (bps) to nearly 6.0%. The Hudson Waterfront serves as another example, as the submarket delivered 2.8 msf of new warehouse inventory over the last eight quarters while vacancy has climbed to 11.9% and asking rent has declined 3.9%.