April 17, 2019
From U.S. port activity to foreign investment and multifamily investment, here’s a roundup of recent commercial real estate news:
New Jersey Industrial Market Update
Port activity continues to drive the New Jersey industrial market, which is seeing consistent demand, rising rental rates and record low vacancy rates. This success is tied to the market’s prime East Coast location, which is ideal for e-commerce, light manufacturing and other distribution businesses. Here’s a New Jersey industrial market recap looking at current activity and the importance of the market’s port, air cargo, and major transportation network — from Avison Young’s Matt Turse.
Midwest Market Update: Industrial Activity Moves into Wisconsin
Industrial development continues to push into Wisconsin, with Amazon leading the way. After completing a 1.5 million-square-foot fulfillment center in Kenosha, the ecommerce powerhouse broke ground on a 2.5 million-square-foot fulfillment center in suburban Milwaukee. This movement isn’t a surprise, given the economic benefits to locating in Wisconsin versus Illinois. For more on the Wisconsin growth, including the capital markets perspective from Avison Young’s Erik Foster, click here.
Foreign Investors Choose Industrial Versus Multifamily
Foreign investors continue to focus on the industrial sector, which edged out multifamily as the asset class of choice. This commercial real estate survey by the Association of Foreign Real Estate Professionals (AFIRE) shows 79% of those surveyed wanting to increase exposure in the industrial sector, compared with 71% who picked multifamily. The top global cities for investment stability included New York, coming in first, followed by Tokyo, Paris, Boston, Singapore and Los Angeles.