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COVID-19 has accelerated companies' acceptance of remote work, but social-distancing measures mean that they will continue to require roughly the same amount of office space.
Russo Development and Onyx Equities have purchased the NJ property with a site plan approval for 376 multifamily units and 20,000 square feet of retail space.
"While there is disruption in the overall economy, the need for self-storage space will continue and address changing needs by users," the Cushman & Wakefield report said.
Construction is underway on an 850,000-square-foot Amazon fulfillment center located on 93.5 acres at 10507 Harlem Rd. in Richmond, TX with plans to launch operations next year, according to Trammell Crow and Amazon.