As hiring and human resources decisions drive corporate real estate selection more than ever, New Jersey developers are responding by designing spaces and amenities that meet those needs, while expanding their focus on the labor markets around their project sites.
Users in New Jersey’s booming industrial sector have faced a severe lack of supply in recent years, leading to unprecedented rent growth and an unabated race to find development sites. New space is on the way — and plenty of it — with millions of square feet slated to come online in the next two years. Yet market experts say demand will continue to outpace supply, given the continued upside of e-commerce and a race by traditional retailers to update their supply chains.
Demand for cold storage warehouse space nationwide, and particularly in the Garden State, is on fire, largely because of rising online fresh grocery sales and changing consumer preferences for fresher foods. Meeting that demand could prove challenging — given the cost and complexity of such projects and the need for specialization — but some developers are positioning themselves to be ready when users come calling.
A home décor company is relocating and expanding in Middlesex County as part of a newly announced, 124,000-square-foot warehouse lease by Greek Development.
A joint venture has kicked off what it says will be the largest active industrial project near the Port of New York and New Jersey, breaking ground on a 4.1 million-square-foot logistics park at a long-vacant site in Linden.
Greek Development has signed a new 67,200-square-foot lease at a 12-building, 1.7 million-square-foot industrial park just west of Burlington County.
A joint venture has closed on a nearly $36 million loan to refinance a fully leased, 182,154-square-foot cold storage facility in Woodbridge, following a transaction arranged by HFF.
NAIOP New Jersey has announced the finalists for its coveted Deal of the Year awards, highlighting six of the state’s most impactful projects and transactions of 2018.
The Society of Industrial and Office Realtors’ New Jersey chapter presented its annual largest deal awards last week, showcasing some of the industry’s top transactions of 2018.