Particularly, with a recovering economy and job market gains, as well as tax reforms, consumption levels are anticipated to remain elevated. Additionally, with demand surpassing new supply, net asking rents inched up 1.7% in Q2 to $7.11 per square feet - marking the highest level since 1989. industrial real estate market in Q2 shrunk 10 basis points (bps) to 7.2%, denoting the lowest level since Q4 2000. Per a study by the commercial real estate services firm - CBRE Group Inc. These have helped the industrial REITs scale new heights. Services like same-day delivery are gaining traction and last-mile properties are witnessing a solid increase in asset values. Of late, demand for modern distribution facilities has been getting a significant boost as companies are compelled to enhance, and renovate their distribution and production platforms to support e-commerce business, address a large customer base and urbanization. However, availability of such functional facilities is lesser in the region. This is because demand for industrial real estate space continues to be solid, as Northern NJ and the Meadowlands enjoy close proximity to the densely populated New York City metro area which offers distributors the scope to reach a bulk population in a short time. Having considerable access to highways, construction of this building on a speculative basis, which will provide large block of modern warehouse space for users with immediate needs, is a strategic fit for the company. Also, there are possibilities for Norfolk Southern rail connectivity. It will be accessible through several arterial highways, including I-95, I-80, Rt-17, Rt-3 and Rt-46. It is minutes away from New York City via the Lincoln Tunnel and George Washington Bridge, and also lies near the Wood-Ridge NJ Transit Station with rail service to New York City’s Penn Station. The new building at 5 Ethel Boulevard in Carlstadt/Wood-Ridge is likely to be delivered in February 2019.
The move comes as part of the company’s concerted efforts to capitalize on healthy fundamentals of the industrial real estate market in the New Jersey region. DRE is developing a 193,805-square-foot industrial building in Meadowlands.
0 kommentar(er)
