Market Sectors

New Jersey has an unmatched location and a population that developers dream about. It’s no wonder the commercial real estate industry is flourishing and evolving across all segments of the market.

Industrial
Maker of Louis Vuitton, Hennessy set to backfill 887,000 sq. ft. distribution hub in Cranbury

A massive distribution center in Cranbury that was long home to Pearson Education is finding new life after a lease by LVMH Group, the owner of brands such as Louis Vuitton and Tiffany.

Retail
P.C. Richard, HomeSense take 57,000 sq. ft. at ex-Bed Bath site in Iselin, Jeffery Realty says

Two well-known retailers have leased a combined 57,000 square feet in the Iselin section of Woodbridge, where they are backfilling a former Bed Bath & Beyond store.

Office
Eisai secures three environmental, health certifications for U.S. headquarters in Nutley

Pharmaceutical company Eisai Inc. has earned three well-known environmental and health and wellness certifications for its 300,000-square-foot headquarters building in Nutley.

Government & Public Policy
EDA to launch $10 million Food Desert Relief Act tax credit auction

A program that could spur the construction of new supermarkets in New Jersey is taking shape after key steps by the state Economic Development Authority.

Top News
Proposed office-to-warehouse site in Parsippany on the market as owner seeks project approval

The site of a vacant office building in Parsippany — one that could be redeveloped as more than 100,000 square feet of new warehouse space — is on the market for sale.

Top News
The Garibaldi Group mourns longtime New Jersey broker, partner Peter Blanchard

Peter Blanchard, a longtime commercial real estate broker in New Jersey who spent nearly a half-century with The Garibaldi Group in Chatham, died Wednesday morning.

Office
NAI Hanson named leasing agent for 70,000 sq. ft. Passaic office building

The owner of a 70,000-square-foot office building in downtown Passaic has tapped NAI James E. Hanson as its leasing agent.

Industrial
C&W: Port submarket still strong even as leasing, cargo volumes normalize

Industrial rents near Port Newark-Elizabeth are still rising despite a pullback in leasing, thanks to new development and the continued dominance of the East Coast’s top shipping hub.

Editor’s Note
Adaptation

The glory days of near-zero vacancy and hard-to-fathom rent growth in the industrial market always came with the slightest bit of tension, especially among veteran landlords who know full well that nothing lasts forever. And with good reason, as we now know, as the asset class grapples with new headwinds that may not have seemed likely only two years ago.

Industrial
Prologis taps Sacro as market leader for New York, New Jersey

Prologis Inc. has named a new market officer for its New York and New Jersey region, where its footprint spans some 250 buildings totaling 55 million square feet.