Real Estate Journal — Industrial / Distribution Centers — May 29 - June 11, 2015 — 19C
M id A tlantic
I ndustrial R eal E state & D istribution C enters Transwestern’s First-Quarter 2015 Industrial Market report New Jersey industrial market experiences best opening quarter since 2008
increases occurred in six of 25 submarkets during the past 12 months, as limited supply and increased demand continue to put upward pressure on ask- ing rents. •Asking rents in the Exit 13A/Elizabeth submarket are 33% higher in a year-over-year comparison, as the vacancy rate has tightened to its lowest level since third-quarter 2006. “An increasing number of jobs in the manufacturing sector is helping to fill New Jersey’s industrial space,” said Jeffrey Furey , manag- ing director at Transwestern.
“This is compounded by the fact that industrial owners are increasingly gaining the inter- est of some end-users that are being priced out of New York, as New Jersey’s warehouses offer lower costs and more land to accommodate better truck maneuverability and trailer/ container storage. The result is an improved vacancy rate for New Jersey’s manufactur- ing facilities for the second straight quarter.” For more inf ormat i on, contact Matthew Dolly at 973.947.9244 or matthew. firstname.lastname@example.org. n
ARSIPPANY, NJ — During the first quar- ter of 2015, more than
1.1 million s/f of indus- t r ial space was absorbed throughout New Jersey – the best open- ing quarter since 2008, according to
Transwestern ’s First-Quar- ter 2015 Industrial Market report. Port concerns in Cali- fornia are expected to prompt a shift in shipping to the East Coast that is anticipated to benefit New Jersey. As a re- sult, Transwestern forecasts the Garden State’s industrial sector will continue to experi- ence economic growth. “Prior to the office market boom in the 1980s, New Jersey was largely recognized as an industrial state, and history may be repeating itself,” said Matthew Dolly , research di- rector for Transwestern’s New Jersey office. “Developers are currently doing their part to re- develop depreciated industrial properties, and the state has initiated a number of critical infrastructure improvements. As the transformation of the market continues, New Jersey stands to benefit considerably, especially if shippers consider bypassing the congested West Coast ports.” Highlights from the report: • The 12-month rolling total of s/f absorbed through first- quarter 2015 was 6.6 million – the most since first-quarter 2014, when 7.8 million s/f was absorbed in total, year-over- year. For the past three years, more than 19 million s/f of space has been absorbed. •Three submarkets reported positive net absorption ex- ceeding 100,000 s/f during first-quarter 2015, with the Meadowlands submarket ac- counting for nearly 30% of the overall activity. •The overall vacancy rate improved to 7.4%, compared to 7.8% the previous quarter, decreasing by 40 basis points for the first time since third- quarter 2013. •Increased leasing velocity has spurred new development to the tune of 10 million s/f during the past three years. Developers continue to seek new opportunities, despite the scarcity of land. •Double-digit percent rent
2001 Union Blvd., Allentown, PA 58,685 SF beverage bottling plant located near ABE Regional Airport, with additional employee parking lots. 12-14’ in 12,000 SF production area, 16-18’ in a 20,000 SF section, 20-22’ in 25,000 SF whse. area. 4 truck dock doors on eastern wall of building, 4 drive in doors, 1000 amp/240 volt 3 phase electric, gas fired heat in plant. Public utilities, sealed concrete floors in warehouse area, 1,500 SF office space with built in sales counter, two ½ ton hoists, bus stops at building, within 2 miles of Rte. 22 Exit. Price Recently Reduced!
732 N. 16th St. — Allentown, PA 42,000 SF wholesale/showroom building, near two Route 22 Ex- its, Allentown, PA. Features include 8,900 SF showroom/office area, 13,686 SF warehouse area can be leased for short term use, 18’ ceiling height, conveyor system access to partial 2nd floor storage area, public utilities, 6 truck dock doors, additional employee parking lot. Motivated Seller!
215-301 S. 4th St. — Emmaus, PA 29,000 SF fabrication facility in Emmaus, PA. Convenient access to Lehigh Street and Rt. 29 exits of I-78. Features brick steel frame construction, 20’ ceiling height, 1200 amp service, public utilities, gas heat, ½ ton hoist, dock and drive in doors, additional parking lot is part of package. Motivated Seller!
1801 S. 12th St. — Allentown, PA Up to 49,000 SF contiguous rental units available, multi-tenant complex, 1 mile to Lehigh St Exit of I-78. Features include 16-25’ ceiling height, truck dock doors, gas heat, separate utility meters, private lavatories, individual tenant entrance, 240/480 service, 4200 SF showroom can be leased separately, on site building management. Op. Exp. at $0.63 psf. Lease Rate: $3.85 psf Net (3) for industrial space units.
Hawley Realty Inc. www.hawleyrealty.com Call: 610-398-4000
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