DEMAND FOR INDUSTRIAL PRODUCT REMAINS STRONG AMID PANDEMIC
New Jersey's industrial market hardly noticed the on-going pandemic, posting one of its strongest statistical years on record. Leasing activity totaled an impressive 12.3 million square feet (MSF), which brought the annual leasing total to 42.6 MSF - marking the highest level of demand in three years, a remarkable feat considering only 4.2% of the industrial inventory was available. Demand was focused in Central New Jersey (CNJ) this quarter, accounting for 70.6% of the 12.3 MSF leased and 16 of the top 20 transactions. The largest new lease was completed by Bob’s Discount Stores, who pre-leased a 622,230 SF new development at 150 Old New Brunswick Road in Piscataway. Amazon’s voracious appetite for space in New Jersey continued, leasing three additional Class A buildings, this time all in CNJ, for a total of 1.1 MSF. Their largest lease was a new development at 1115-1119 King George Post Road in Edison. The property, owned by Federal Business Centers, will span 465,033 SF once completed. Amazon will also occupy two recently completed properties at 10 Princess Road in Lawrenceville (340,400 SF) and Farrington Boulevard in Monroe (301,320 SF).