CRANBURY, NJ-While the bottom hasn’t dropped out and the industrial market’s fundamentals have held up reasonably well, the dealmaking atmosphere has changed, tied to the economic downturn and financial markets’ meltdown. One trend within the New Jersey Turnpike Exit 8A submarket here, known for its big boxes and arguably the state’s premier submarket, is that the deals have turned small.

“Smaller deals are defining the market, and in fact there’s a reasonable amount of activity in the 100,000-sf and under range at Exits 8A, 7A and 7, and even as you go up north,” says Stan Danzig of Cushman & Wakefield, East Rutherford, NJ. “But a notable shortage of larger deals this year has created a dry spell in the 200,000-sf and up range, which has pushed absorption down throughout the market.

“The good news is that a few tenants that have been hanging out in New Jersey for an extended period of time are appearing to become more active,” Danzig says. “While we’ve seen these potential tenants ‘kicking tires’ in fits and starts, they seem to be more serious now.”

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