A vacant 67,000-square-foot flex building in Somerset County has traded for $6.25 million, in a deal brokered by Marcus & Millichap’s New Jersey office.
Industrial
Owning or leasing industrial space in New Jersey means you’re within one day’s drive of one-third of the nation’s population. That means the state continues to be a hotbed of warehouse and logistics activity.
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.
Thinking green: The role of indoor farming in older industrial space
In a state where available industrial space is already in short supply due to our exploding e-commerce sector, asking prices and rents for older and smaller industrial buildings may soon be rising dramatically. Also on the rise will be demand for the power needed to fuel plant growth and maintain proper growing conditions.
