April 2024

10A — April 2024 — Spring Preview — M id A tlantic Real Estate Journal


S pring P review

By Jason Crimmins, CCIM, SIOR, The Blau & Berg Company State of Commercial Real Estate for 2024 and Vision for 2025

2 024 has been a year of adjustments thus far for industrial investors,

Since that time, IOS rents have decreased by approxi- mately 40%; however, in the last two months, these rents have stabilized. Warehouse rents have also stabilized, as more TI (Tenant Improve- ments) and abatements are offered as landlords are ad- justing to the market and realizing that such offerings are increasingly necessary to secure a tenant. Warehouse vacancy rates have increased from 5.5% to 6%. There is sustained de- mand in and around the port areas, as last-mile e-commerce

operators value proximity. Tenants coming off long leases are still experiencing sticker shock over renewal rates, and some are seeking space outside their preferred locations for cost reasons. Election years often prove to be historically slow, and 2024 is shaping up to be the same. Many want to see where fiscal policy is headed before making long-term commitments. With interest rates high, and uncer- tainty in the overall economy, the motto right now is “Survive until 2025”. Jason Crimmins, CCIM,

SIOR, is the president and broker of record for The Blau & Berg Company, an independent, full-service

commercial real estate bro- kerage firm providing ser - vices in the industrial, re- tail, and office spaces. MAREJ

brokers, ten- ants, and landlords. The rapid change in the market since the effects of COVID-19 and the pan- demic created an explosion

The Blau & Berg Company secures leases totaling ± 7,395 s/f

Jason Crimmins

in demand for supply chain space, resulting in a meteoric rise in associated costs that peaked in April 2022.

Libella Court

SHORT HILLS, NJ — The Blau & Berg Com- pany has secured the lease of ± 7,395 s/f of industrial flex space at 24 & 26 Libella Court, Newark. Blau and Berg’s Jason Crimmins, CCIM, SIOR, Alessan- dro (Alex) Conte, CCIM, SIOR, and Peter Murano, Jr., SIOR , acted as the list- ing brokers for both leases, and represented the new tenant at 24 Libella Court. The facility has two ad- ditional available spaces: 32/34 Libella Court, which totals ± 8,125 s/f and 28 Libella Court which offers ± 3,625 s/f. The new tenant at 24 Li- bella Court will be Associ- ated Imports, Inc. The new tenant at 26 Libella Court, who will use the space for warehousing, was represent- ed by Guzin Bayraktarlar from United Real Estate . In a seperate transaction, The Blau & Berg Company has arranged the lease of a ± 4.3 AC property at 646 Frel - inghuysen Ave. in Newark. Laura Crimmins, SIOR , of The Blau & Berg Company, represented the new tenant, ARB Parking EWR INC. Dean Brody from Jones Lang LaSalle represented the landlord, 646-693 Frel - inghuysen Avenue LLC. The property sits just north of Newark Liberty International Airport, con- veniently located between interchanges 14 and 13a of the New Jersey Tpke. and Rtes. 1 & 9. ARB Parking, which offers secure 24-hour parking at several major US airports as well as a luxury fleet of vehicles to transport travelers to and from the air- port, will add the land to its portfolio of Newark Airport parking facilities. MAREJ

Elizabeth Metropolitan Logistics Center 103,912 and 196,087 Sq. Ft. Industrial Opportunity

830 Morris Turnpike, Suite 201, Short Hills, NJ 07078 973.379.6644 www.blauberg.com .

103,912 Sq. Ft. BUILDING 1 19.75 Acres TOTAL ACREAGE 84 Spaces TRAILER PARKING

196,087 Sq. Ft. BUILDING 2 53 Tailboards LOADING



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