New Jersey’s industrial market continues to expand, driven by a plethora of industries, including retail, manufacturing, food companies, transportation and logistics.
As the popularity of e-commerce shows no signs of abating, New Jersey has become a key location for distribution centers and last-mile delivery hubs to serve the entire Northeast region. E-retailers are scooping up available industrial space, taking advantage of New Jersey’s excellent air, freight, port, and rail …
Shifting consumer preferences for convenience and variety have become key drivers for brick-and-mortar retail. And when it comes to creating co-tenancies that drive traffic to retail properties, dining, personal services and fitness are among today’s most desirable categories. Fortunately, they also are among the sector’s most active space users in today’s market.
Strong restaurant demand among brands new to, and expanding in, the regional market continues unabated, and year-to-date …
We all know that e-commerce has become a significant driver of the industrial market. It now fuels activity that moves beyond clothes and books to the food supply chain, and the associated complexities of meeting consumer demand for food preparation and delivery.
Increasing numbers of consumers have shifted to buying prepackaged meals, shopping for organic foods or ordering groceries and meal kits online. This expansion is translating into significant demand for industrial warehouse and …
Despite the heartache from losing the bid for Amazon’s second headquarters, New Jersey is undoubtedly in a more competitive position than it was before the selection process began.
The exercise of responding to Amazon’s request for proposals showcased many of New Jersey’s strengths, such as its talented labor pool, access to higher education and vast transportation infrastructure. As we now know, these assets weren’t enough to secure the Amazon campus, leaving state officials and …
Strengthening office performance in the northern New Jersey marketplace signals good things to come as 2019 unfolds. The market yielded approximately 292,000 square feet of net occupancy gains in 2018. This was fueled by three straight quarters of more than 1 million square feet in new leasing activity, with annual demand finishing 15.4 percent ahead of 2017.
This progress runs parallel to improving employment numbers. At year-end, the Garden State unemployment rate registered at 4 percent, …
Adaptive reuse and redevelopment projects along with a robust job market—particularly in the financial and professional services sectors—are the linchpins driving New Jersey’s office market growth.
The availability rate, which is at its lowest point in nine years, has improved thanks to the repurposing of obsolete office product. Last year, 12 properties totaling 2.3 million square feet were marked for redevelopment, taking them out of inventory. Through the first half of 2018, 20 …
It’s too early to tell the impact of the new federal tax law on retail here in New Jersey, or how things might change now that we have a new governor. But one can place a sizable bet, literally, on the fact that medical marijuana dispensaries now given the go-ahead here will lead to recreational use, and that sports betting in New Jersey is going to also be a hit.
Betting on Jersey’s retail sector is a great wager too. North Jersey’s top markets — Paramus, Wayne, Woodbridge, …
A combination of location and demand for e-commerce continues to drive industrial activity across New Jersey, spurring increased activity in the already robust northern and central regions of the state and driving a frenzy of activity in the south. Unlike some of the previous speculative booms, however, this one appears be carefully thought out and is likely to be sustainable.
Northern and Central New Jersey
We are seeing an enormous increase in the number of tenants interested in the …
The industrial sector continues to experience seemingly limitless success, and New Jersey is one of the nation’s leading markets. Amid record-setting asking rents, vacancy rates and leasing velocity, it would be tempting for property owners, tenants and investors to become complacent while reaping the rewards of a sophisticated global supply chain, impressive gross domestic product and strong investment returns.
But challenges remain, and real estate professionals should consider them when …
With 4,900 new rental units coming on line this year in Northern New Jersey, inquiring minds are asking whether demand here is keeping pace with supply. The short answer is “yes.” New multifamily inventory continues to lease up, especially along the Hudson River Gold Coast, with performance meeting and exceeding developer expectations market-wide.
Rental rates for Class A apartment product in Northern New Jersey have increased 3 percent year over year, registering at $2,369 at the midway …
