A squash training facility will be the latest tenant at a four-building industrial park in Mercer County, following a 5,000-square-foot lease brokered by Transwestern.
The swell of cargo volume at the Port of New York and New Jersey has fueled the Garden State’s lowest industrial vacancy in more than 15 years, according to Transwestern, as rents continue to rise and leasing activity continues at a torrid pace.
Transwestern’s New Jersey office announced it has been recognized for the fourth straight year for its work environment and quality of life for employees, one of several real estate-related firms in the state to earn the distinction this year.
Executives from some of the state’s top commercial real estate firms joined dozens of students recently at an annual industry career night hosted by Monmouth University.
Transwestern, which is now marking five years since it officially opened in New Jersey, has since become a player in the state’s office, industrial and retail sectors. It has seen its annual transaction volume double since 2012 — while its property management portfolio has grown during that time to 4 million square feet from 485,000 square feet — with a platform that offers more than just brokerage services.
A decision by State Farm Insurance to vacate 300 Kimball Drive in Parsippany was not just an opportunity for Transwestern’s New Jersey team in 2012. It provided a roadmap for other landlords, investors and brokers to create new value within the state’s glut of suburban office stock.
Transwestern has added a 13-year industry veteran as the newest member of its leasing and sales team in New Jersey, the real estate services firm said this week.
Vacant sublease space in New Jersey’s office market has reached its highest level in four years, thanks in part to a string of major corporate relocations within the state in recent months. But experts say that’s no cause for alarm.
Research by the firm has found that rents for warehouse and distribution space, particularly along the New Jersey Turnpike, are shattering the asking prices of landlords, as the competition among tenants becomes especially fierce.