But no one in real estate laughs when you say "Exit 8A." That'sbecause, according to a new report by the Garibaldi Group, Chatham,NJ, the industrial submarket surrounding Exit 8A of the Turnpikenow totals a whopping 37 million sf of mostly big box space. Thereport was prepared by Gerald E. Bower, associate vice president ofGaribaldi's Financial Services Group, and William C. Harrison, ananalyst for the firm.

The submarket, located roughly halfway between New York andPhiladelphia, and encompassing South Brunswick, Dayton andCranbury, continues to put up some very large numbers. Netabsorption, for example, has been almost three million sf a yearsince 1998. The vacancy rate, which peaked at 13.8% in 1998, iscurrently about 4%, "which can be attributed to the strong regionalmarket combined with developers' unwillingness to overbuild,"according to Bower.

Indeed, most of the big box space being built is coming withtenants in place. For example, the Rockefeller Group nabbed PearsonBooks for a 900,000-sf distribution building in Cranbury; Cabot isdeveloping a 928,000-sf distribution center for Volkswagen inCranbury (VW and Cabot recently held a steel-signing ceremony); andthe Sudler Cos. has secured Tommy Hilfiger for a 500,000-sfbuilding.

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