(Save the date: RealShare New Jersey comes to the Hyatt Regency, New Brunswick, NJ, September 19)
ELIZABETH, NJ-A new report from Jones Lang LaSalle says that while the market for port-area industrial space has been flat for more than two years, expanded state incentives have recently helped spur a number of new projects. These include two in Newark, two in Elizabeth, and one in Jersey City.
The other spur to port-area development, of course, as JLL notes in its "Port Pulse 2012" report, is the pending expansion of the Panama Canal. That will allow a faster route to East Coast ports for the largest container vessels.
Work to raise the Bayonne Bridge from 151-foot clearance to 215-foot clearance to accommodate the larger ships won’t be complete until at least 2014. Neither will the dredging of the Kill Van Kull and Newark Bay channels to a depth of 50 feet, although work was begun in 2005.
But the state’s two big incentive programs, the Urban Transit Hub Tax Credit Program and the Grow New Jersey Assistance Program, have launched a small wave of redevelopment in the port areas, JLL says.
It mentions these projects:
- In Newark, a 220,000 facility at 52-62 Cornelia St, Newark, is coming online in the fall, 100% pre-leased.
- Also in Newark, at 429 Delancy St., an 815,775-square-foot facility is now in the planning pipeline.
- In Elizabeth, at 602 York Street, a 524,000-square-foot distribution facility will be complete by the end of next year, and is 100% pre-leased.
- Also in Elizabeth, at 228 North Avenue E, a 529,650-square-foot facility is planned.
- In Jersey City, at 219-295 Route 1 & 9, an 878,403-square-foot facility is planned for completion by the end of next year, although the space has not yet been leased.
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