August 5, 2019 Comments Off on Industrial Tenants Set Their Sights West of Turnpike Views: 405 New Jersey, New York News, Tri-State Area New York

Industrial Tenants Set Their Sights West of Turnpike

Order Reprints...

Although the New Jersey Turnpike corridor remains the epicenter of the state’s industrial market, and especially the Exit 8A submarket, activity is beginning to expand to submarkets farther west, according to Transwestern. This occurred most notably in the Route 46/23/3, Fairfield and Morris East submarkets, with leasing in non-Turnpike submarkets representing 27% of total year-over-year net absorption.

“As the best product in the primary corridors becomes scarcer, corporate tenants are expanding their geographic parameters to find more options,” said Lori Zuck, Transwestern managing director. “However, these secondary submarkets have also tightened, pushing rental rates as much as 25% to 35% higher in the past few years.”

Leasing west of the Turnpike in recent quarters has been dominated by the Route 46/23/3 submarket, according to Cushman & Wakefield. This included a 418,000-square-foot commitment by Gucci in Wayne, and Corbion’s 391,515-square-foot deal at AEW Capital Management’s 700 Union Blvd. in Totowa (pictured).

Read more at Transwestern

Connect With Transwestern’s Zuck

Subscribe to Connect Daily New York

For comments, questions or concerns, please contact Paul Bubny

Tags: ,

Comments are closed.

Send this to a friend