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Opportunities Exist in NJ's Industrial Market

SADDLE BROOK, NJ-Companies are beginning to secure long-term industrial leases at attractive rates, which will continue throughout 2009, finds CBRE.

By Alyson Grala | Updated on May 14, 2009

SADDLE BROOK, NJ-According to CB Richard Ellis’ “First Quarter 2009 New Jersey Industrial MarketView” report, despite the downward pressures resulting from poor domestic consumption and weaker international trade-flows during the first quarter of 2009, there exist significant windows of opportunity for entrepreneurial tenants and smaller foreign companies that are looking to lock in longer term leases at lower rates in New Jersey’s industrial market.

“Despite weakening fundamentals, we still remain confident that stability will return to New Jersey’s industrial market due to the strong buying power of private and public companies, particularly smaller foreign companies and entrepreneurial tenants that will be in a position to take advantage of the current market softness by locking in longer term lease rates at a lower cost throughout the state,” says Bill Waxman, senior vice president, CBRE. “In addition, the ports remain a desirable inbound destination for companies, as supply chain cost reductions become a priority and the drop in demand for durable goods continues to impact global manufacturing, which has brought development demand back to New Jersey for new industrial facilities.”

The Northern New Jersey industrial market ended the quarter with an overall leasing activity of 921,766 square feet, with the highest activity reported in the Hudson Waterfront, the Route 46/23/3 Interchange and the Morris Region submarkets, which had a combined total of 527,014 square feet.

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