Rise In E-Commerce Means New Industrial Needs
The demands of e-commerce retailers are causing many industrial property owners in the Garden State to upgrade their warehouse properties into high-tech shipping centers. In addition to improvements to industrial properties in the Meadowlands area and elsewhere in the state, e-commerce is also fueling growth and in particular large lease deals in the industrial real estate sector. Earlier this year, online grocer Peapod LLC secured nearly $35 million in state incentives in connection with its 345,000-square-foot deal in Jersey City for a distribution site. Also, online consignment retailer The RealReal leased 129,000 square feet in Secaucus and Rose Brand, one of North America’s largest theatrical fabric companies, expanded its presence, in Secaucus, according to The Record.
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