Located on a 13.5-acre parcel, the Matrix Development Group-owned facility includes 40,000 square feet of industrial space with 101 overhead doors, one drive-in door and 4,100 square feet of office space. The development is zoned for office, light industrial, flex and manufacturing space and is well situated to accommodate a wide variety of needs. A built-to-suit site totaling 77,000 square feet is also available at the site.
"This lease is positive economic news for Hamilton Township as well as for New Jersey overall. We are very proud to be continuing to generate leasing activity resulting in jobs and ratables in this highly challenging economic climate," says Matrix Development principal Alexander B. Taylor.
And New Jersey's overall industrial market fundamentals appear to be remaining stable as well, at least according to CB Richard Ellis' recently released Q4 industrial market report. CBRE reports that availability rates increased slightly at the close of the year at 9.3% and net absorption in New Jersey's industrial market remained stable--compared to last year's negative 3.74 million square feet of space.
"Although the aftershocks of the rumbling stock markets and the shaky economy have affected the commercial real estate industry in New Jersey, some entrepreneurial companies have taken advantage of the down market and secured long-term leases at attractive rates," says Mindy Lissner, senior vice president at CBRE. "We remain confident in the overall stability of this market due to the strong buying power of private and public companies that will continue purchasing high-quality industrial property." She cites some main drivers as local or foreign-owned organizations and New York City-based firms, as well as ethnic food, pharmaceutical and cosmetic companies.
International companies may also prove to be a bright spot for New Jersey's industrial market. "As CFOs continue to reduce supply chain costs, New Jersey will likely remain an attractive location for global companies that are looking to relocate in order to capitalize on the increase in residual traffic from Asia to the East Coast created by the widening of the Panama Canal," says William Waxman, senior vice president at CBRE. "In addition, the global manufacturing shifts and national load center changes are making the East Coast an even more strategic location, with the Northeast benefiting the most from these paradigm shifts."
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