NJ Industrial Leasing Surges in Fourth Quarter: Colliers

John Obeid, left, Colliers International’s senior director of research for New Jersey, and David Simon, executive managing director and market leader for New Jersey

PARSIPPANY, NJ—A surge in fourth quarter activity pushed 2017 industrial leasing to 44.8 million square feet—the third consecutive year annual total leasing activity surpassed 40.0 million square feet, according to Colliers International.

Following a summer slowdown, industrial tenants leased 13.9 million square feet during the final three months of the year, representing a 52.8 percent jump quarter-over-quarter. A nearly 1.4 million-square-foot lease renewal by Williams Sonoma at 340 Middlesex Center Blvd. in South Brunswick led the pack, followed by a 725,400-square-foot pre-lease by Best Buy at 171 River Road in Piscataway and a 597,594-square-foot new lease by Amazon at 18 Applegate Drive in Robbinsville.