{"id":3358,"date":"2024-07-17T08:23:37","date_gmt":"2024-07-17T08:23:37","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=3358"},"modified":"2024-07-15T08:23:47","modified_gmt":"2024-07-15T08:23:47","slug":"upwards-industrial-sales-continues-new-jersey","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/","title":{"rendered":"Upwards Industrial Sales Continues in New Jersey"},"content":{"rendered":"

Despite the normalization of demand for industrial space and the rising cost of capital, most markets covered by Commercial Edge have experienced an increase in average sales prices this year. In fact, the latest industrial report for June revealed that nationwide industrial sales totaled $19.7 billion through May with transactions averaging $142 per square foot.<\/p>\n

Specifically, the New Jersey<\/a> market recorded the fifth-highest sales volume so far this year with $753 million in transactions through May. Properties here also traded at an average of $272 per square foot, marking a 26% increase compared to 2023. The report also highlights the addition of new supply and rising vacancy rates: Since early 2022, the market has seen the delivery of 29 million square feet of industrial space, accounting for 5.0% of the current stock. This influx pushed the vacancy rate up to 5.7% in May, which was just 0.1% above the national average.<\/p>\n

Despite the increase in supply, rent growth remains strong with in-place rents rising by 9.6% in the last 12 months. In particular, key submarkets \u2014 such as Ports, Exit 10\/12, Meadowlands and Exit 8A \u2014 continue to attract investors due to their proximity to the Port of New York and New Jersey (the nation\u2019s busiest port in May) and the dense population along the Northeastern Corridor.<\/p>\n

Goodman Group Purchases Former Printing Plant in Jersey City<\/h2>\n

Jersey City<\/a>\u2019s dwindling developable land is evident in the sky-high price paid for a redevelopment project. Goodman Group, a California-based industrial developer, recently acquired the former New York Daily News<\/em> printing plant for a whopping $92 million.<\/p>\n

As it stands, Goodman plans to repurpose the 21.7-acre site (which encompasses a three-building complex totaling 464,400 square feet) into \u201clast-mile\u201d warehouses. These facilities will be custom-built to meet the specific needs of tenants.<\/p>\n

\u201cThe proximity of this site to the millions of residents in and around New York City helps our customers meet rising delivery and service expectations,\u201d said Goodman North America CEO, Anthony Rozic. \u201cWe are enthusiastic about the northern New Jersey market, which remains robust in terms of the underlying demand for modern warehousing and distribution space and are actively pursuing additional acquisition and development opportunities there.\u201d<\/p>\n

Meanwhile, the sellers \u2014 a partnership between the New DN Company and Twenty Lake Holdings \u2014 acknowledged the unique value of the location. They also expressed enthusiasm about the property at 125 Theodore Conrad Drive as the buyers transform into \u201cthe country\u2019s most sought-after locations for warehouses.\u201d<\/p>\n

\u201cWhile the sale of the\u00a0New York\u00a0Daily News<\/em>\u00a0almost seven years ago after our stewardship of nearly 25 years remains bittersweet, we are pleased that the land will be transformed into a modern warehouse and will support the economic development of the local economy,\u201d said Eric Gertler, chairman of New DN Company.<\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t
Industrial properties in Dallas<\/a><\/td>Industrial properties in Columbus<\/a><\/td>Industrial properties in Nashville<\/a><\/td>\n<\/tr>\n
Industrial properties in Phoenix<\/a><\/td>Industrial properties in Denver<\/a><\/td>Industrial properties in Baltimore City<\/a><\/td>\n<\/tr>\n
Industrial properties in Chicago<\/a><\/td>Industrial properties in Seattle<\/a><\/td>Industrial properties in Los Angeles<\/a><\/td>\n<\/tr>\n
Industrial properties in Houston<\/a><\/td>Industrial properties in Atlanta<\/a><\/td>Industrial properties in Cleveland<\/a><\/td>\n<\/tr>\n
Industrial properties in Philadelphia<\/a><\/td>Industrial properties in Cincinnati<\/a><\/td>Industrial properties in Portland<\/a><\/td>\n<\/tr>\n
Industrial properties in Indianapolis<\/a><\/td>Industrial properties in Boston<\/a><\/td>Industrial properties in Charlotte<\/a><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n","protected":false},"excerpt":{"rendered":"

Despite the normalization of demand for industrial space and the rising cost of capital, most markets covered by Commercial Edge have experienced an increase in average sales prices this year. In fact, the latest industrial report for June revealed that nationwide industrial sales totaled $19.7 billion through May with transactions averaging $142 per square foot. Specifically, the New Jersey market recorded the fifth-highest sales volume so far this year with $753 million in transactions through May. Properties here also traded at an average of $272 per square foot, marking a 26% increase compared to 2023. The report also highlights the…<\/p>\n","protected":false},"author":3163,"featured_media":3359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[6,2],"tags":[77],"class_list":["post-3358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-industrial-real-estate-news","tag-new-jersey"],"acf":[],"yoast_head":"\nNew Jersey Sees Rising Sales Prices and Strong Rent Growth<\/title>\n<meta name=\"description\" content=\"Commercial Edge reports a rise in average sales prices for industrial space, with New Jersey recording $753 million in transactions and a 26% price increase.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Jersey Sees Rising Sales Prices and Strong Rent Growth\" \/>\n<meta property=\"og:description\" content=\"Commercial Edge reports a rise in average sales prices for industrial space, with New Jersey recording $753 million in transactions and a 26% price increase.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/\" \/>\n<meta property=\"og:site_name\" content=\"CommercialSearch\" \/>\n<meta property=\"article:published_time\" content=\"2024-07-17T08:23:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1300\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Matthew Preston\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Matthew Preston\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/\",\"name\":\"New Jersey Sees Rising Sales Prices and Strong Rent Growth\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg\",\"datePublished\":\"2024-07-17T08:23:37+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/44a8a1fa2b4207afba1c2bb0ef1e2d80\"},\"description\":\"Commercial Edge reports a rise in average sales prices for industrial space, with New Jersey recording $753 million in transactions and a 26% price increase.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg\",\"width\":1300,\"height\":800,\"caption\":\"view across New Jersey\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Upwards Industrial Sales Continues in New Jersey\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/\",\"name\":\"CommercialSearch\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/44a8a1fa2b4207afba1c2bb0ef1e2d80\",\"name\":\"Matthew Preston\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6a6960d93eec870b7a4ba3e017196ffd2493e00eae6d176dceb85ed1d0847184?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6a6960d93eec870b7a4ba3e017196ffd2493e00eae6d176dceb85ed1d0847184?s=96&d=mm&r=g\",\"caption\":\"Matthew Preston\"},\"description\":\"Matthew has covered commercial real estate for CommercialCafe since 2022. He focuses on the office and industrial sectors, reporting on leasing, development, and investment across national markets and individual submarkets. His work draws on data and original research. He also writes about demographic shifts and urban innovation in U.S. cities. The New York Times, The Real Deal, Bisnow, The Business Journals, and Yahoo Finance have cited his reporting.\",\"url\":\"https:\/\/www.commercialsearch.com\/blog\/author\/matthew-preston\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"New Jersey Sees Rising Sales Prices and Strong Rent Growth","description":"Commercial Edge reports a rise in average sales prices for industrial space, with New Jersey recording $753 million in transactions and a 26% price increase.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/","og_locale":"en_US","og_type":"article","og_title":"New Jersey Sees Rising Sales Prices and Strong Rent Growth","og_description":"Commercial Edge reports a rise in average sales prices for industrial space, with New Jersey recording $753 million in transactions and a 26% price increase.","og_url":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/","og_site_name":"CommercialSearch","article_published_time":"2024-07-17T08:23:37+00:00","og_image":[{"width":1300,"height":800,"url":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg","type":"image\/jpeg"}],"author":"Matthew Preston","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Matthew Preston","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/","url":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/","name":"New Jersey Sees Rising Sales Prices and Strong Rent Growth","isPartOf":{"@id":"https:\/\/www.commercialsearch.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#primaryimage"},"image":{"@id":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#primaryimage"},"thumbnailUrl":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg","datePublished":"2024-07-17T08:23:37+00:00","author":{"@id":"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/44a8a1fa2b4207afba1c2bb0ef1e2d80"},"description":"Commercial Edge reports a rise in average sales prices for industrial space, with New Jersey recording $753 million in transactions and a 26% price increase.","breadcrumb":{"@id":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#primaryimage","url":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg","contentUrl":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg","width":1300,"height":800,"caption":"view across New Jersey"},{"@type":"BreadcrumbList","@id":"https:\/\/www.commercialsearch.com\/blog\/upwards-industrial-sales-continues-new-jersey\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.commercialsearch.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Upwards Industrial Sales Continues in New Jersey"}]},{"@type":"WebSite","@id":"https:\/\/www.commercialsearch.com\/blog\/#website","url":"https:\/\/www.commercialsearch.com\/blog\/","name":"CommercialSearch","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.commercialsearch.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/44a8a1fa2b4207afba1c2bb0ef1e2d80","name":"Matthew Preston","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.commercialsearch.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6a6960d93eec870b7a4ba3e017196ffd2493e00eae6d176dceb85ed1d0847184?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6a6960d93eec870b7a4ba3e017196ffd2493e00eae6d176dceb85ed1d0847184?s=96&d=mm&r=g","caption":"Matthew Preston"},"description":"Matthew has covered commercial real estate for CommercialCafe since 2022. He focuses on the office and industrial sectors, reporting on leasing, development, and investment across national markets and individual submarkets. His work draws on data and original research. He also writes about demographic shifts and urban innovation in U.S. cities. The New York Times, The Real Deal, Bisnow, The Business Journals, and Yahoo Finance have cited his reporting.","url":"https:\/\/www.commercialsearch.com\/blog\/author\/matthew-preston\/"}]}},"jetpack_featured_media_url":"https:\/\/www.commercialsearch.com\/blog\/wp-content\/uploads\/sites\/4\/2024\/07\/Jersey-Industrial.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/posts\/3358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/users\/3163"}],"replies":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/comments?post=3358"}],"version-history":[{"count":3,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/posts\/3358\/revisions"}],"predecessor-version":[{"id":3363,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/posts\/3358\/revisions\/3363"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/media\/3359"}],"wp:attachment":[{"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/media?parent=3358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/categories?post=3358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.commercialsearch.com\/blog\/wp-json\/wp\/v2\/tags?post=3358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}