Boosted by the sale of a Jersey City manufacturing property, the real estate services and investment firm CBRE is forecasting 2018 to be one of the strongest years for New Jersey’s manufacturing real estate market.
Based on third-quarter data, New Jersey is expected to close a total of 49 manufacturing-related real estate transactions by the end of 2018, according to the commercial real estate firm.
That marks a 63 percent leap from four years ago. New Jersey saw 30 such transactions in 2015, 43 in 2016 and 46 in 2017, the report said.
CBRE’s Robert L’Abbate and Thomas Monahan recently closed the $17 million sale of a 93,000-square-foot manufacturing facility in Jersey City on behalf of the property’s seller, Elementis Specialties Inc.
“It’s encouraging to see a steady rise in manufacturing transactions over the course of the last several years in New Jersey, with 2018 predicted to follow that same trajectory,” L’Abbate said in a prepared statement. “The Jersey City transaction is the perfect example of how developers can unlock the value of underutilized manufacturing facilities in the tristate area.”