The pandemic has not stifled rent growth in New Jersey’s industrial market, as Amazon and other e-commerce users continue to drive leasing and construction activity statewide.
Two tenants leased a combined 1.82 million square feet in Cranbury during the first quarter, accounting for the top transactions year to date in New Jersey’s booming industrial market.
A recent ruling by the U.S. Supreme Court will likely raise the cost of some online sales and provide an infusion of revenue for New Jersey’s state coffers, but its impact on commercial real estate may be limited.
The U.S. Supreme Court has ruled that online retailers must collect sales tax from customers even in states where they don’t have a physical presence, effectively closing a loophole that has long been seen as a major disadvantage to brick-and-mortar retailers.
Industrial leasing in northern and central New Jersey took a slight step back in the third quarter, but only because demand continues to outpace the amount of big-box space available in the market.
Over the last three months, New Jersey’s industrial market recorded nearly 10.0 million square feet of leasing activity, with big-box markets like Southern New Jersey and Exit 8A seeing a flurry of activity.
