CBRE says in a report that “the future looks bright for industrial development in New Jersey, particularly in the central part of the state.”
CBRE’s 3rd Quarter New Jersey Industrial MarketView Report speculated “that the Trenton/Route 295 and Princeton markets will see a higher volume of activity as the year continues.”
This follows a strong third quarter, in which the Trenton/Route 295 submarket recorded the third-largest leasing velocity in Central Jersey.
Facts Driving the Market
+ Lack of development in the area
+ Lower lease rates
+ Convenient access to the New Jersey Turnpike
+ Continued demand from both tenants and developers
+ Activity in the eight New Jersey Turnpike core submarkets accounted for nearly 83 percent of the state’s leasing velocity in 2016
+ Asking lease rates in four of the eight submarkets have exceeded their pre-recession highs
+ Availability in the markets was only 6.4%
+ New industrial construction remained strong in the third quarter with 7 projects completed
+ 9 more developments are breaking ground, total of 2.1 million square feet planned
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
