Amazon is touting the opening of a new 130,000-square-foot delivery station in Mount Olive, one of 14 newly announced facilities that it will occupy in New Jersey.
A developer has landed a major tenant at its first New Jersey industrial project, inking a full-building lease in Jersey City with what it described as a global e-commerce company.
The pandemic has not stifled rent growth in New Jersey’s industrial market, as Amazon and other e-commerce users continue to drive leasing and construction activity statewide.
Amazon is adding to its already-vast footprint in New Jersey, announcing plans for 14 new locations geared toward the last mile of its fulfillment process.
Industrial leasing stayed strong in New Jersey ahead of the COVID-19 outbreak, as experts now wait to determine the long-term impact of the pandemic on the state’s surging market for warehouse and distribution space.
Amazon continued its rapid expansion in New Jersey in the first quarter, accounting for three of the top five industrial leases in northern and central New Jersey to start the year.
The economic engine powering the New Jersey industrial real estate market will continue to be the rapidly transforming retail sector, driven primarily by relentlessly rising demand from consumers for rapid home delivery of purchases, whether from online retailers or traditional but restructured brick-and-mortar retailers.
This year’s shortened holiday shopping season has placed added pressure on retailers and their shipping partners, prompting new in-store solutions for delivery and returns and the need to hire additional seasonal workers for distribution and fulfillment.
Landlords and developers are still reaping the rewards of New Jersey’s tight industrial market, where rents continue to rise well above average asking rates.