All of the market indicators point to a tightening industrial real estate market in New Jersey, a reflection of the impact that the solid economy has on real estate dealmaking. Space is tight, prices are edging up and some spec building is cropping up, especially for the warehousing and distribution business. And the recent transactional activity reported by First Industrial Realty Trust is a mirror of what's been going on in the Garden State.
Chicago-based First Industrial's regional office in Livingston, NJ is reporting a total of more than 165,000 sf of recent deals, with regional director Hayden Tiger specifically citing the economy for the solid activity. “We believe in this marketplace,” he says and cites “tenant and broker relationships” as key to remaining upright in a highly competitive playing field.
The largest of the recent leases was the 40,000 sf taken by Dunphey & Associates in two facilities in Whippany; the tenant is a steel goods fabricator. And Revent Inc., a maker of ovens and stoves, has signed for 30,000 sf at three adjoining buildings in Franklin Twp. (The Garibaldi Group repped the tenant).
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