The northern New Jersey industrial market saw another quarter of rising vacancy despite strong demand, as new construction deliveries continued to outrun leasing volume.
Construction is set to begin on 500 new apartments that will mark another key piece of a plan to redevelop the long-vacant Burlington Center Mall property in Burlington Township.
Warehouse vacancy in New Jersey ticked upward to start the year, but remains tight by national standards, as the market continued its return to equilibrium after record demand.
The recent buyers of a 163-unit multifamily property in Montclair have landed a $54 million acquisition loan for the property, according to a debt placement team with JLL.
The year ahead is poised to bring more of the same for New Jersey’s teeming industrial market: a seemingly insatiable demand for modern space that is fueling millions of square feet in new development. Here is the list of top 10 industrial projects under construction in the region.
Over the last three months, New Jersey’s industrial market recorded nearly 10.0 million square feet of leasing activity, with big-box markets like Southern New Jersey and Exit 8A seeing a flurry of activity.
Industrial leasing in New Jersey kept up its torrid pace through the end of 2016, capping off a year that saw occupancy gains of more than 10 million square feet.
Construction is underway on a nearly 190,000-square-foot distribution center in South Brunswick, the second of three phases in a planned industrial complex off New Jersey Turnpike Exit 8A.
Development might be booming in New Jersey’s red hot industrial market, but it’s a small group of institutional players that have seized the opportunity in the biggest way.
