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The New Jersey industrial market ended Q3 2020 on a high note due to a flurry of leasing activity driven by demand in the e-commerce industry as consumers continue shifting toward online shopping for consumer goods.
In total, leasing activity reached 7.1 million square feet (msf) with institutional occupiers looking to new construction to satisfy their growing appetite for warehouse and distribution space. In fact, e-commerce giant Amazon signed three of the five largest deals in the market during Q3 2020, the largest of which was for 900 square feet (sf) at Rockefeller Group’s 10Edison development in the Exit 9 & 10 submarket. G-III Apparel Group, which signed the second largest lease in Q3 2020, renewed its lease at 140 Docks Corner Road in the Middlesex Intermodal Center that’s owned by BlackRock, Inc.