Bridge Development Partners has landed a major tenant at a six-building, 3.85 million-square-foot industrial park now under construction in Warren County, inking its largest lease to date with the Japanese clothing maker Uniqlo.
Bridge Development Partners has expanded its New Jersey and New York team with the hiring of a new director of operations for the Northeast.
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.
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.
Bridge Development Partners has completed its acquisition of a nearly 7.5-acre parcel in Edison, where it plans to build a new 124,560-square foot industrial facility.
The unrelenting demand for industrial space has fueled new construction across the country — and New Jersey is home to what will be the largest project of the year.
A pair of top industrial developers offered a glimpse at two of New Jersey’s largest warehouse and logistics projects, detailing plans that would add nearly 7 million square feet across two coveted submarkets.
A lack of new supply in New Jersey’s industrial market led to a year-end slowdown in leasing — despite high demand — setting up another year of robust activity for newly built warehouse and logistics space.