2 Turner Place in Piscataway — Courtesy: F. Greek Development
By Joshua Burd
The year ahead is poised to bring more of the same for New Jersey’s teeming industrial market: a seemingly insatiable demand for modern space that is fueling millions of square feet in new development.
Consider this: Of the 10 largest warehouse and distribution projects under construction in northern and central New Jersey, all but two of them were preleased heading into 2018. Those projects range from around 350,000 square feet to more than 1 million square feet, hitting nearly every submarket along the New Jersey Turnpike between Exit 8 and Port Newark-Elizabeth.
Here are the top 10 industrial projects under construction in the region, according to JLL.
(1) 1 Brickyard Road, Cranbury
Square feet: 1.35 million
Developer: Clarion Partners
Submarket: Exit 8A
Submarket vacancy: 3 percent
Groundbreaking quarter: Q4 2017
(2) 171 River Road, Piscataway
Square feet: 725,000
Developer: Rockefeller Group
Submarket: Exit 10
Submarket vacancy: 3.5 percent
Groundbreaking quarter: Q4 2017
(3) 117 Blanchard St., Newark
Square feet: 707,485
Developer: The Morris Companies
Submarket: Port
Submarket vacancy: 3.3 percent
Groundbreaking quarter: Q3 2016
(4) 329 -359 Wyckoff Mills Road, East Windsor
Square feet: 635,000
Developer: Exeter Properties
Submarket: Princeton
Submarket vacancy: 1 percent
Groundbreaking quarter: Q4 2017
(5) 66 Station Road, Cranbury
Square feet: 504,428
Developer: Prologis
Submarket: Exit 8A
Submarket vacancy: 3 percent
Groundbreaking quarter: Q4 2017
(6) 1065 Cranbury South River Road, Monroe
Square feet: 481,730
Developer: IDI
Submarket: Exit 8A
Submarket vacancy: 3 percent
Groundbreaking quarter: Q2 2017
(7) 700 Kapkowski St., Elizabeth
Square feet: 481,664
Developer: Prologis
Submarket: Port
Submarket vacancy: 3.3 percent
Groundbreaking quarter: Q4 2017
(8) 150 Totowa Road, Wayne
Square feet: 459,822
Developer: Peykar Family Properties of Wayne
Submarket: Route 46/23/3
Submarket vacancy: 3.8 percent
Groundbreaking quarter: Q3 2017
(9) 2 Turner Place, Piscataway
Square feet: 451,800
Developer: F. Greek Development
Submarket: Exit 10
Submarket vacancy: 3.5 percent
Groundbreaking quarter: Q2 2017
(10) 400 Docks Corner Road, South Brunswick
Square feet: 365,000
Developer: Matrix Development Group
Submarket: Exit 8A
Submarket vacancy: 3 percent
Groundbreaking quarter: Q4 2017
*Vacancy percentages are for warehouse and distribution space
