The cost to lease industrial space in New Jersey skyrocketed in 2021, with average asking rents for high-end buildings jumping by more than 50 percent from the previous year.
Peloton Interactive has leased 840,000 square feet at a new logistics park in Linden, leading the way among tenants as the state’s industrial market continued to thrive in the third quarter.
Matrix Development Group has inked two lease renewals at its 13-building, 345,000-square-foot business campus along the New Jersey Turnpike in Cranbury.
Duke Realty Corp. has announced two new industrial leases in Cranbury totaling nearly 1 million square feet, helping to backfill space vacated by a previous tenant.
An automotive detailer and storage business has leased 10,000 square feet at a Flemington warehouse, in the largest of several newly announced deals by The Kislak Co. Inc.
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.
A pharmaceutical company has signed a full-building, 68,000-square-foot lease at a clinical manufacturing facility in Cranbury, brokers with JLL announced Friday.
After decades of consolidation by Big Pharma, demand for modern lab and diagnostic space in New Jersey is on the rise, fueling rent growth and pushing some developers to consider new laboratory projects.
