Industrial leasing in northern and central New Jersey took a slight step back in the third quarter, but only because demand continues to outpace the amount of big-box space available in the market.
State officials have approved tax credits meant to help three pharmaceutical firms grow the industry’s footprint in New Jersey, while also dangling a nearly $40 million incentive to keep a global life sciences giant from pulling its U.S. headquarters out of the state.
Amazon has formally unveiled plans for three new fulfillment centers in New Jersey, adding to what is already a sprawling footprint across the state’s industrial real estate market.
The state’s office market took a step back in the fourth quarter of 2016, according to new industry research, as leasing activity slowed and several large blocks of space hit the market.
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.
One of the largest office buildings in Central Jersey is being torn down to make way for two state-of-the-art distribution centers just off the New Jersey Turnpike.
