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NAI Hanson Inks 20,000-SF Industrial Renewal

WAYNE, NJ-'Unprecedented high vacancy rates are forcing many landlords to lower their asking rates to incentivize and attract new tenants,' says NAI's W. Joshua Levering.

By Alyson Grala | Updated on December 10, 2009

WAYNE, NJ-Wayne Tile has signed a 20,000-square-foot lease renewal at 400 Newark Pompton Tpk. here. NAI James E. Hanson’s W. Joshua Levering, senior vice president, and sales associates Robert Borny and Gregory Reid, represented the landlord, United Yarn Products, Inc., while the tenant was represented in-house.

While discussing trends in New Jersey’s industrial marketplace, Levering tells GlobeSt.com, “Unprecedented high vacancy rates are forcing many landlords to lower their asking rates to incentivize and attract new tenants. Lower rents and incentives are now almost common in the renewal/retention of existing tenants. Although difficult for landlords and owners, this has created a significant cost-saving opportunity for tenants who are willing and able to take advantage of these offers.”

Levering adds, “These challenging economic times are really affecting current market conditions. Until there is some sort of clear direction with our market, high vacancies will continue to play a major role in shaping both landlord and tenant’s decision-making.”

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