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No slowing down: Growth of e-commerce, last mile delivery and the densest state in America

The New Jersey industrial market has continued on its historic pace with vacancy rates dropping below 3 percent across the state. This has been driven by the unprecedented demand from online retailers and e-commerce-driven businesses desperate for warehousing and “last mile” distribution. E-commerce had already been on a rapid ascent for years with its share of the total retail market more than quadrupling since 2010. With the pandemic shuttering most brick-and-mortar locations for the better portion of 2020, e-commerce had taken on another level of growth. According to the U.S. Department of Commerce, sales increased 31.73 percent year over year, the fastest growth rate in 10 years, nearly doubling the second-highest growth rate of 17.81 percent in 2011.

Top News
CBRE: Banks, cloud service firms fuel uptick in tristate data center demand

The data center market in and around New Jersey saw a notable rebound in the first half of 2021, thanks in large part to demand from the financial services sector.

Residential & Mixed Use
Harbor Group, Cammeby’s acquire 5,300 apartments in New Jersey for $1 billion

An investment group has acquired more than 5,300 apartments in the state for a combined $1.05 billion, in a transaction that spans 14 cities in northern, central and southern New Jersey.

Office
Princeton office park home to Merrill Lynch, Bristol-Myers on the market for sale

A fully leased, two-building office complex in West Windsor is on the market for sale, boasting a list of high-profile tenants and a location three miles from downtown Princeton.

Industrial
Solar Landscape, Duke unveil rooftop system powering 375 homes in North Jersey

An industrial owner and a developer of solar panel systems have teamed up on another project in New Jersey, unveiling a new installation atop a Wood-Ridge distribution center.

Retail
Southern-style barbecue concept picks Bell Works for second location

Another restaurant is expanding into Bell Works, joining a growing roster of eateries and retailers at the 2 million-square-foot mixed-use complex in Holmdel.

Residential & Mixed Use
Developers mark leasing milestone, welcome residents to Jersey City apartment building

A development team has welcomed its first residents to a 199-unit apartment building in Jersey City, the latest addition to a master-planned neighborhood on the city’s west side.

Industrial
Landlord taps Mertz as leasing agent for 246,000 sq. ft. industrial building in Salem

The owner of nearly 250,000 square feet of industrial space in northern Salem County has picked NAI Mertz as its leasing agent at the property.

Industrial
JLL: Buyer wanted for two-building, 81,000 sq. ft. industrial portfolio in Meadowlands

The owner of two Meadowlands industrial buildings has listed them for sale, in an offering that includes a vacant, newly renovated property and another that was recently leased.

Government & Public Policy
NJAA calls for faster rent relief payments as state, federal eviction bans come to an end

As the eviction moratorium winds down in the state, the New Jersey Apartment Association is urging Trenton to pick up the pace of sending out long-awaited rental assistance payments.