A development group led by a local family-owned business has broken ground on a project that will add six apartments to the site of historic glass business in downtown Princeton.
A refrigerated warehouse provider has renewed its 30,000-square-foot lease at an Elizabeth industrial building, in a newly announced transaction by Avison Young.
A pharmaceutical manufacturer has recommitted to its North American headquarters in Parsippany, in a newly announced transaction by Avison Young.
Users in New Jersey’s booming industrial sector have faced a severe lack of supply in recent years, leading to unprecedented rent growth and an unabated race to find development sites. New space is on the way — and plenty of it — with millions of square feet slated to come online in the next two years. Yet market experts say demand will continue to outpace supply, given the continued upside of e-commerce and a race by traditional retailers to update their supply chains.
Demand for cold storage warehouse space nationwide, and particularly in the Garden State, is on fire, largely because of rising online fresh grocery sales and changing consumer preferences for fresher foods. Meeting that demand could prove challenging — given the cost and complexity of such projects and the need for specialization — but some developers are positioning themselves to be ready when users come calling.
Avison Young has deepened its bench in New Jersey with the hiring of a longtime tenant representation specialist.
Advance Realty Investors has hired longtime industry executive Tom Walsh, who will help oversee development and construction for its fast-growing portfolio and for third parties.
A food manufacturer has expanded its footprint in New Jersey with a nearly 102,000-square-foot lease in Fair Lawn, brokers with NAI James E. Hanson announced Tuesday.