Industrial leasing stayed strong in New Jersey ahead of the COVID-19 outbreak, as experts now wait to determine the long-term impact of the pandemic on the state’s surging market for warehouse and distribution space.
As you’ll read in this month’s cover story, a project aims to revive what should be prime real estate in East Brunswick, one that hugs a highway with daily traffic of 100,000 vehicles.
A joint venture is nearing the start of construction for its first two buildings at a long-awaited, 4.1 million-square-foot warehouse and logistics park in Linden.
A fitness operator is among the latest tenants at an East Brunswick industrial park, where it’s taking more than 2,400 square feet under a lease with Greek Development.
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.