The STRO Cos. and Kushner Real Estate Group are touting a lease with Amazon at a new industrial building in Woodland Park, where the e-commerce giant operates a 205,000-square-foot same-day delivery facility.
Top developers, owners see continued growth for industrial market, despite new headwinds
Developer sells Meadowlands property slated for 357,000 sq. ft. Amazon facility
Amazon ditches plan for 400,000 sq. ft. lease at Mack-Cali campus in Jersey City, report says
Report: Amazon, Mack-Cali nearing 400,000 sq. ft. office lease in Jersey City
Industrial owners adapting, unlocking new revenue streams as parking requirements soar
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.