Bridge Development Partners has announced the sale of a four-building, 2.2 million-square-foot industrial portfolio in Phillipsburg, the first piece of a massive project near Interstate 78.
We are now more than six months into the pandemic that shut down much of New Jersey’s economy in early March. I thought it would be a good time to pause to look at where we are in terms of recovering from the staggering unemployment and economic losses caused by the health crisis. There is some surprisingly good news, but it must be taken with a strong dose of caution.
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.
Bridge Development Partners has lured a second tenant to its new logistics park in Warren County, inking a nearly 420,000-square-foot lease with a well-known beverage company.
With modern logistics space still in short supply across the country, northern New Jersey will be among the top three markets this year to expand its stock of industrial buildings.
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 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.