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Research - OCTOBER 27, 2020

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Ecommerce tenants continue to fill big boxes in N.J.

by Andrea Zander

Despite New Jersey’s economy remaining largely shut down, industrial leasing velocity accelerated, and pent-up demand resulted in an extremely robust third quarter 2020, according to Transwestern.

Total lease signings exceeded each of the previous two quarters, boosted by commitments to new product currently under construction. Amazon.com Inc. continued its leasing assault on the industrial market, adding nearly 1.5 million square feet to its industrial inventory in New Jersey, including inking the largest deal at a 900,000-square-foot warehouse in Edison, N.J. Much of the big-box leasing occurred in central New Jersey along the New Jersey Turnpike/I-95 and I-287 corridors. In northern New Jersey, leasing continued in the Meadowlands submarket, while the I-80 Corridor in Morris County experienced an uptick in activity.

Tenants are leasing newer, more efficient properties, in some cases leaving behind older warehouses. Excluding new development, 80

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