In anticipation of a major corporate expansion, Sea Box plans to use the new space as its headquarters, relocating from its current space in East Riverton. Currently, several departments are planning to occupy this facility by mid-January 2010, with a more complete transition occurring over the following 12 months.
On the investment side, 2009 sales activity registered only 45% of 2008 totals in the Garden State, according to Cushman & Wakefield's fourth quarter industrial report. When compared to previous years, industrial construction activity remains off pace. "In light of the ongoing downshift in the industrial market, this could prove to be advantageous," Gil Medina, Cushman's New Jersey executive managing director, said in the report. "In 2010, tenants will begin to absorb the abundance of existing supply, eventually decreasing vacancy rates in the region."
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