Four tenants have leased a combined 65,000 square feet at a well-known building in downtown Newark, where ownership is reaping the benefits of a multimillion-dollar renovation.
Big-box demand struggles with limited supply
The proliferation of e-commerce spiked leasing velocity in 2016 and 2017 due to significant demand for big-box and mega-box spaces.
Limited supply of big-box space across the state has stalled leasing velocity for YTD 2018.
There are only five (5) availabilities in excess of 500,000 square feet in the state.
Tenants have expanded the geographic scope of requirements into Southern New Jersey and Lehigh Valley to accommodate immediate needs.