New Jersey

“At just 4.1%, the Greater Philadelphia vacancy rate is considered 'typical' by local standards at the peak of a construction boom highly concentrated within Center City,” says Gebroe-Hammer's Eli Rosen.

Same-day delivery is needed in dense urban areas, and some believe multistory buildings are an answer.

A multifamily project under construction nearby will bring in additional young professionals and other consumers to the center, says Cushman & Wakefield's Andy Merin.

A roundup of the latest leases, sales and other transactions in the Northeast middle markets.

"Strong demand for industrial space in the Suburban Essex submarket and high occupancy at the portfolio made this an ideal time to sell this asset,” says Stephen Cassidy, president of Denholtz Associates.

Central Mills, which operates as FREEZE, will continue to occupy the facility under a long-term sale-leaseback arrangement.

“Originally only available for lease, we were able to negotiate an off-market sale that closed in record time,” says CBRE's Wiliam Waxman.

Lack of suitable class-A space elsewhere in the state and a shortage of large format buildings combine to make South Jersey more attractive, says David Greek of F. Greek Development. Listen to our audio interview.