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WAYNE, NJ-Wayne Tile has signed a 20,000-square-foot lease renewal at 400 Newark Pompton Tpk. here. NAI James E. Hanson’s W. Joshua Levering, senior vice president, and sales associates Robert Borny and Gregory Reid, represented the landlord, United Yarn Products, Inc., while the tenant was represented in-house.

While discussing trends in New Jersey’s industrial marketplace, Levering tells GlobeSt.com, “Unprecedented high vacancy rates are forcing many landlords to lower their asking rates to incentivize and attract new tenants. Lower rents and incentives are now almost common in the renewal/retention of existing tenants. Although difficult for landlords and owners, this has created a significant cost-saving opportunity for tenants who are willing and able to take advantage of these offers.”

Levering adds, “These challenging economic times are really affecting current market conditions. Until there is some sort of clear direction with our market, high vacancies will continue to play a major role in shaping both landlord and tenant’s decision-making.”

Terms of the deal could not be discussed, but rental rates for industrial space in Passaic County run around $6, according to a recent Cushman & Wakefield report. The 454-building industrial submarket has a vacancy rate of 7%.

According to Borny and Reid, the building’s convenient location, professional ownership and the competitive terms helped convince this long-standing tenant to agree to renew. The 42,000-square-foot building is owner occupied and features 24-foot ceiling heights and a large loading area with three tailgates, as well as ample parking for cars, vans and trailers.

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