EAST RUTHERFORD, NJ—Robust investor demand for industrial product in New Jersey over the past year is poised to continue through 2018, says Cushman & Wakefield's East Rutherford-based investment sales group. During 2017, the 16-member team orchestrated $1.1 billion in industrial transactions, entering 2018 with $927 million of additional sales under contract, including six million square feet of new development.
“Strong investor interest in new construction, vacant-forward sales, and institutional buying off of I-95 speaks to the depth of demand for all things industrial in New Jersey,” says Gary Gabriel, executive managing director, Cushman & Wakefield. Gabriel and Kyle Schmidt, a director, lead the East Rutherford-based investment sales group's industrial practice, and are members of the firm's national Industrial Advisory Group.
In 2017, there were 19 industrial sales greater than 100,000 square feet in Northern and Central New Jersey with an aggregate value of $955 million. Of the total, there were only four class-A sales, which traded at $159 per square foot, nearly $50 per square foot more than the overall average.
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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].
