EAST RUTHERFORD, NJ—Demand for New Jersey industrial real estate remained strong despite an uptick in available space, says Cushman & Wakefield in its third quarter 2014 research results. Sales of industrial properties increased 24% in the quarter, with more than 4.6 million square feet of space changing hands.
“While demand fell short of reaching six million square feet for a third consecutive quarter, the 5.9 million square feet posted by New Jersey puts the market on pace to record its highest annual total in recent history,” says Kim Brennan, Cushman & Wakefield's New Jersey market leader. “We recorded 14 transactions in excess of 100,000 square feet during the past three months.”
The largest of these transactions was a 323,985-square-foot lease by Promotion in Motion at 1 Heller Park Lane in Somerset and a 321,500-square-foot lease inked by Oxy Chem at 760 Jersey Avenue in New Brunswick. Significant renewals included Veeco Holdings' 616,000-square-foot lease in North Bergen, Baker & Taylor's 410,350-square-foot lease in Bridgewater and Bowne's 210,530-square-foot commitment in West Caldwell.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
