Among the many changes that have come to New Jersey’s industrial market — especially those that have rallied investors — Rob Kossar points to the differences in how leases are structured.
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Developer aims to transform historic Kearny shipyard into 21st-century workspace
Hugo Neu Corp. is redeveloping the former Federal Shipbuilding and Drydock Co. in Kearny as a hub of flexible office space for startups, creative businesses and others seeking a modern workplace. It aims to do so while taking advantage of the historic, architecturally distinct buildings on the 130-acre site, some of which offer the type of soaring ceilings and open-air feel that appeals to edgier tenants.
At Kearny Point, diversification is key
The wide, light-filled hallways inside Building 78 are lined with glass panels that offer a look into the businesses that have moved into Kearny Point — from a wedding dress designer to a 3D printer to venture capital-backed research labs. All signs point to a project that has succeeded in creating diversity at the 207,000-square-foot flex office space, where the first tenant committed in late 2015.
Garden State drawing more industrial tenants from NYC boroughs
Companies from Brooklyn and New York City’s other outer boroughs are increasingly taking industrial space in New Jersey, brokers say, whether they are expanding beyond their original business locations or looking for a new home altogether. The trend is adding to the already surging demand in the market for warehouse and distribution space in the Garden State.
HFF’s midyear 2017 industrial capital markets brief
From an equity markets perspective, demand for industrial product continues to be strong with institutions and private funds that are underweight in northeast industrial properties. The reason we are not seeing more activity is because there has been — and continues to be — a lack of quality offerings in the most sought after markets from the Meadowlands down along the Interstate 95/Turnpike Corridor to Exits 8A/7A.
Keeping it simple
A major source of excitement for those who make a living in the industrial business is the rise of e-commerce tenants and many others who need to be close to population centers represent actual growth in New Jersey’s economy. That means new businesses, new jobs and new requirements that aren’t simply backfilling someone else’s space, given that the tenants that have been here for decades aren’t going anywhere themselves.
Wired for success: Rating system could change how developers approach connectivity, infrastructure
Earlier this year, the rating service known as WiredScore released a full-fledged set of guidelines, providing a roadmap for professionals involved in new commercial developments. And with the growing importance of data and internet connectivity, the rating system offers the potential to play a major role in office leasing going forward.
