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.
After building its New Jersey portfolio to nearly 8 million square feet in recent years, Duke Realty Corp. is poised for further growth in the state with several high-profile developments underway.
Industrial space remains a coveted asset class for investors, despite questions about short-term rent growth and other uncertainties in the wake of the coronavirus crisis.
The Society of Industrial and Office Realtors’ New Jersey chapter hosted its annual largest deal awards on Feb. 27, highlighting some of the Garden State’s top transactions of 2019.
An importer and distributor of cabinetry has leased 111,000 square feet at a new industrial building in Ridgefield, in one of several newly announced transactions by Lee & Associates.
Duke Realty has broken ground on a speculative, 662,000-square-foot industrial building in the heart of Newark’s port district.
Duke Realty is set to begin construction on a new 194,000-square-foot industrial building in the Meadowlands, with delivery slated for early next year.
In the brownfield redevelopment universe, industrial projects have no equal thanks to the compound-complex nature of these mega-efforts, which are marked by X factors and uncertainty at every turn. Think of a conductor tasked with guiding a multi-chair symphony orchestra through intricate movements of a complex score — compared to a more simplistic coordination helming a small chamber ensemble. There’s a compelling difference, and thus welcome to the world of the industrial brownfield redevelopment, where multiple stakeholders are tasked with a multitude of boxes to check before any ribbon cutting can commence.
CBRE has recognized a well-known New Jersey broker as one of its top producers, naming him the firm’s first-ever vice chairman in the Garden State.