At mid-2Q 2018 only three Class A industrial buildings larger than 500,000 square feet were available for lease throughout New Jersey. The shortage of space caused leasing to slow down at the start of the year without any big-box leases signed in first five months of 2018. On a positive note, five buildings greater than 500,000 square feet are set to break ground in 2018.
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Vintage office inventory poised for upgrades
In early 2018, throughout the Northern and Central New Jersey office market, nearly 38.0 million square feet of direct and sublet space was marketed for lease. Buildings constructed since 2010 comprised less than 1.0 percent of the available space, as office occupiers gravitated towards newer product. An empty construction pipeline will challenge tenants seeking modern work environments prompting owners of vintage inventory to invest in improvements and upgrades that fulfill tenant requirements.
Retailer demand moves toward record-breaking absorption in 2018
Changes in consumption patterns continue to shift retailer demand away from brick-and-mortar storefronts to industrial facilities with immediate access to large swaths of the U.S. population. In 2017, traditional and e-commerce retailer requirements exceeding 200,000 square feet totaled 7.8 million, representing a 120 percent increase over the 2016 total of 3.6 million.
Wiss: Tax reform manifesto for the real estate industry
Tax reform has been a hot topic, especially in the real estate industry. After all, real estate and construction industries have a significant impact on the U.S. economy. Wiss is proud to advise the industry on all the new changes. In our Tax Reform Manifesto for the Real Estate Industry, we explore the recent tax reform and how you or your business could be affected.
