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Industrial Space | Articles and Tips | industrialspacebergencounty.com
The market for industrial space in the area faces a similar dynamic of rising demand and limited supply, said Marc Petrella, a senior analyst with Cushman & Wakefield.
As the midpoint between New York and Philadelphia, and on a larger scale between Boston and Washington, D.C., the local industrial real estate market is in a promising position, he said. The market, consisting largely of warehouses and manufacturing sites, is concentrated along the Turnpike in two submarkets surrounding exits 7A and 8A, Petrella said, and the area has seen a lot of growth and is primed for further expansion. "You keep hearing about all the companies bringing their operations back toward population centers," Petrella said. New Jersey, with its dense population and surrounding metropolitan areas, is one of those centers, he said. The market for industrial space in the area was weak through 2009 and 2010, but has recovered since 2011, he said. Vacancy in the warehouse market is about 8 percent currently, he said. The 1.2 million-square-foot Amazon warehouse under construction in Robbinsville is a promising sign for future industrial development in the area, Petrella said. "The continued growth in ecommerce for traditional retailers is good for New Jersey just based on where New Jersey sits," Petrella said. "Anytime you're in single-digit vacancy numbers, that's a pretty healthy number," said Marc Petrella, a Cushman senior director. In northern New Jersey, the industrial market is particularly active in not only the Meadowlands, which Petrella called "ground zero" for that real estate sector, but also Teterboro, Carlstadt, Port Newark/Elizabeth and, no joke, New Jersey Turnpike exits. Mark off an area to be used as your receiving dock and a second area to be used as your shipping area.
News - | Blau & Berg
Charles T. Kavanagh, executive vice president of Blau & Berg, procured the tenant in the deal, while Marc Petrella of Cushman & Wakefield represented the landlord, GLP.
Construction Begins on Industrial Facility at New Jersey Turnpike Exit 8A | Dermody Properties
The property is being marketed to prospective tenants by Jules Nissim and Marc Petrella of Cushman & Wakefield.
From left to right: Jennifer Yonchuk, Dermody Properties; Marc Petrella and Jules Nissim of Cushman & Wakefield; Deputy Mayor Killmurray, Mayor Gambatese and Township Manager Hvozdovic of South Brunswick Township; Gene Preston, Dermody Properties; Ali John Mehdian, AEW; Greg Arnold, Dermody Properties; and Aaron Weir, ARCO.
Jules Nissim and Marc Petrella of Cushman & Wakefield are marketing the property.
The market is tight "across the board," says Marc Petrella, senior director of Cushman & Wakefield, Edison.
He pegs the statewide vacancy rate at 8.2 percent, and "most major submarkets we track are in single digits. Exceptions include Morris County (10.5 percent vacant), and Somerset (10.7 percent). "But those still aren't extraordinarily high vacancies." For 2013, 21.3 million square feet of leases were completed market-wide, according to Petrella, adding up to 8.7 million square feet of positive absorption. Beyond strictly e-commerce operations, many "typical bricks-and-mortar retailers are doing more e-commerce, and their buildings are starting to feel more like e-commerce buildings," Petrella says. "The state's doing a good job with the infrastructure," Petrella concurs, noting raising of the Bayonne Bridge to admit the new Panamax vessels to the Port of Newark and Elizabeth, improvements to the Goethals Bridge and Pulaski Skyway, and more. "The market has needed it for a while, but people were nervous about building as we've worked through the recovery," says Petrella. "We're bullish on the state of the market going forward," Petrella concludes.