Demand for parking in and around industrial properties has soared in New Jersey, fueled largely by the use of large delivery fleets, spurring changes in building design and creating new revenue streams for industrial owners.
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.
A global investment manager is providing a $115 million construction loan for Lincoln Equities Group’s recently announced, 360,000-square-foot industrial project in Rutherford.
Lincoln Equities Group has attracted Amazon to a planned industrial complex in the Meadowlands, inking a 360,000-square-foot lease with the e-commerce giant.
Montwards LLC has agreed to sell an industrial property in Columbus, Ohio, that is home to a newly built, 300,000-square-foot Amazon fulfillment center, following the firm’s redevelopment of a property that it first acquired nearly two decades ago.
Fresh off another deal with Amazon, Matrix Development Group is hailing the lease-up of a 3.5 million-square-foot logistics park in Staten Island, where it broke ground four years ago as it pushed the boundaries of New Jersey’s booming industrial market.
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.