After decades of consolidation by Big Pharma, demand for modern lab and diagnostic space in New Jersey is on the rise, fueling rent growth and pushing some developers to consider new laboratory projects.
The economic engine powering the New Jersey industrial real estate market will continue to be the rapidly transforming retail sector, driven primarily by relentlessly rising demand from consumers for rapid home delivery of purchases, whether from online retailers or traditional but restructured brick-and-mortar retailers.
Even in the extraordinarily tight industrial market in northern New Jersey, a century-old nonprofit with a good brand and a long-term lease plan can still acquire new warehouse space. Of course, it doesn’t hurt when the nonprofit sees e-commerce as a vital part of its future.
Investors increasingly are warming up to the cold storage warehousing sector in New Jersey and other major markets — despite ongoing challenges in the asset class — pushing cap rates for Class A facilities closer to those of traditional high-quality warehouses.
A café and an Italian restaurant have committed to new locations in Gloucester County, the latest additions to a sprawling mixed-use development by Atkins Cos. and Woodmont Properties.
A video communications company is leasing 10,000 square feet of office space at a mixed-use building in Rochelle Park, brokers with JLL announced.
State and local officials cut a ceremonial ribbon Thursday to mark the major rehabilitation of a decades-old building with 200 apartments for working families in the city’s Central Ward.
Four new retailers are planning to open stores at Bell Works, the sprawling mixed-use destination created by Somerset Development at the former Bell Laboratories in Holmdel.