Leasing Increasing, Vacancy Decreasing

More businesses choosing to move to the Meadowlands

On behalf of the New Jersey Meadowlands Commission (NJMC), I hope that all of you have enjoyed a very happy and healthy holiday season.

As we look forward to great things in 2015, I am pleased to report that the Meadowlands region over the past 12 months has continued to further its standing as a hotbed of economic growth, development and investment in New Jersey’s commercial and industrial real estate markets. With its close proximity to New York City and major roadways, airports, rail lines and seaports, it is no wonder that the Meadowlands area is an ideal place to establish a business.

As the zoning and planning authority for the 30.4-square-mile Meadowlands District, the NJMC has approved dozens of applications in 2014 from companies looking to build in and move to the District.

According to published reports throughout 2014, there has been a steady increase in leasing activity and reduced vacancy rates in Northern New Jersey, including the Meadowlands, as compared to previous years. For instance, a July 10 story in The Record noted that Bergen County’s industrial vacancy rate in the second quarter of 2014 was 7.5 percent, down from 8.3 percent in the first quarter, and down 9.5 percent compared to the second quarter in 2013.

The Record article specifically highlighted major projects and land purchases in the Meadowlands District. These are encouraging indicators that businesses and investors are confident in the potential of our region’s marketplace.

Another Record story, published on October 14, focused on industrial leasing in Northern New Jersey and stated that activity was “especially robust in Meadowlands.” The article reported that retail companies desire warehouse space close to population centers like Manhattan to ensure quick deliveries.

In the most recent example of the robust economic growth taking place in the Meadowlands District, Goya Foods will soon open its new 634,000-square-foot headquarters/distribution center in Jersey City. The company is also constructing an adjacent 12,000-square-foot truck maintenance facility that is set to be completed in 2015. Goya is maintaining its 240,000-square-foot facility in Secaucus, also located within the District.

Ferguson Industries, the country’s largest plumbing supply distributor, is preparing to move into the newly-renovated warehouse space located at the site of the former Panasonic headquarters in Secaucus.

The Major League Baseball Network, which occupies 149,000 square feet of an office building in Secaucus, is growing its operation by expanding into 136,000 square feet in an adjacent building. The network is scheduled to be up and running in its additional space by the time spring training rolls around (that’s March 2015 for non-baseball fans).

Many companies in 2014 made the move to the Meadowlands District from other areas, realizing that the region’s unique attributes best suit their business needs. DermaRite, which makes skin care products, relocated its warehouse and manufacturing operations from Paterson to a 133,000-square-foot location in North Bergen.

Meanwhile, AirTech said goodbye to Englewood and hello to Rutherford. The producer of vacuum pumps and air compressor technologies now occupies 79,000 square feet of manufacturing and warehouse space in the borough.

Christie Lites Enterprises, which provides theatrical and event lighting, moved across the Hudson River to East Rutherford. Technology company FolioDynamix also said goodbye to New York City, relocating to Secaucus.  FolioDynamix occupies space in the same office building with the Star-Ledger newspaper, which in 2014 relocated parts of its operations from Newark.

Work progressed steadily in 2014 at the 54-acre Teterboro/Industrial Avenue Redevelopment Area located adjacent to Teterboro Airport. Walmart and Costco are confirmed tenants for the property and Walmart has begun construction on a 159,311-square-foot retail store that is scheduled to open in 2015.

A strip mall development within the Kearny Area Redevelopment Area on Harrison Avenue was completed in December. Sally’s Beauty Supply, Verizon Wireless, Game Stop, GNC and Buy Rite Liquors have opened for business.

In other redevelopment news, the NJMC in 2014 adopted amendments to both the Highland Cross Redevelopment Plan in Rutherford and the Kearny Area Redevelopment Plan. Amendments to the 30-acre, mixed-use Highland Cross Redevelopment Area include the expansion of permitted uses to include retail, multi-family and townhome dwellings, personal services and health centers in addition to the office and hotel uses previously permitted. The amendment to the Kearny Area Redevelopment Plan allows offices, truck repair facilities and billboards, among additional new permitted uses, within portions of the 445-acre area.

Turning to residential development, in 2014, and mirroring a state trend, the Meadowlands District saw a boon in multifamily rental units. In East Rutherford, the 316-unit Monarch development was completed. The complex is located within the NJMC’s Route 3 East Redevelopment Area.

Also in 2014, two additional rental complexes were built in Lyndhurst: the 296-unit Vermella on Orient Avenue and the 192-unit Station at Lyndhurst on Chubb Avenue.

The NJMC looks forward to working with the Meadowlands Regional Chamber in 2015 and anticipates another great year of economic growth in the Meadowlands District.

We wish both new and existing businesses in the District the greatest success in the coming year.

 

 

 

 

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Meadowlands USA

Meadowlands USA

Meadowlands USA is a North Jersey regional publication that reaches people who live and work in and around the Meadowlands (including the Bergen, Hudson, Essex and Passaic County corridor), as well as visitors to our region. The blog edition is updated regularly and the print edition is released six times a year.

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