By Joshua Burd
Smaller leases are fueling demand in the region’s industrial real estate market, as evidenced by a flurry of recent activity by brokers with Greek Real Estate Partners.
The firm’s in-house leasing team on Tuesday said it has completed more than 860,000 square feet of small-bay deals in several transactions across New Jersey and Pennsylvania in recent months. It comes in a year in which the East Brunswick-based team has inked leases ranging from 19,200 to 180,000 square feet for landlords including F. Greek Bristol Properties, Highview Partners, Tices Partners and Junto Investment Partners, with the bulk of the transactions occurring in the central New Jersey and Northeast Philadelphia markets.
Greek noted that many occupiers have turned to those regions to find relief from higher-rent areas in northern New Jersey.
“New Jersey remains a leader in the industrial leasing market for tenants looking for best-in-class facilities near one of the nation’s largest e-commerce hubs,” said Jason Fisch, vice president of leasing and broker of record with Greek Real Estate Partners. “We anticipate continued momentum for Central and Southern Jersey as well as the Philadelphia Metro region in coming months as demand for moderately priced warehouse space continues and supply for smaller industrial spaces remains constrained.”
With more than 20 million square feet of industrial real estate under management, Greek Real Estate Partners’ leasing team provides landlord and tenant representation services for companies seeking to lease or rent industrial real estate, according to a news release. The firm works with a range of companies, from full-scale manufacturing operations to modern corporate headquarters.
GREP added that construction starts have leveled off in response to normalized demand and a difficult entitlement landscape, which is expected to perpetuate the growing rent environment. Fisch leads the firm’s industrial leasing team alongside Leasing Associate Patrick Reistrom.
