As industrial users are being priced out of the crowded and expensive Essex, Hudson, and east Bergen County markets, they have searched for areas with lower barriers to entry that provide a similar level of accessibility. These reasons have led to Exit 8A on the Turnpike as well as the West Essex submarkets seeing renewed interest of late from companies priced out of other markets. Unfortunately, even these markets are having a difficult time keeping up with demand and industrial users are looking elsewhere for opportunities in newer markets as their property prices creep up and inventory becomes scarce.
In recognition of these factors, The Sitex Group, one of the area’s largest investors and developers of industrial real estate, recently broke ground in Mahwah on 100 Performance Drive in the Stateline Business Park at Sharp Plaza, a 271,000-square-foot Class-A industrial space that will be completed in the 1Q of 2018. Located directly off I-287 and Route 17 in the Stateline Business Park, 100 Performance Drive will be the premier industrial destination in the northern Bergen submarket with 36’ clear ceiling heights, 54’x60’ column spacing, 36 dock doors, ESFR sprinklers, two drive-ins and parking for 25 trailers and 184 cars all within an hour’s drive to New York City. The space is being developed with the needs of the modern industrial user in mind and a particular focus on e-commerce distribution and fulfillment operations.
Already home to dozens of businesses, Mahwah fits the mold for what New Jersey’s next industrial markets will look like with these four factors forming the foundation for a robust future of industrial growth.
Mahwah is located within a five-hour drive of 57,801,277 people, or 17.9% of the United States population, including Boston, New York City, Philadelphia and Washington D.C. Additionally, Interstate 287 runs north-south through New York State and New Jersey providing a direct linkage to the Garden State Parkway, New Jersey Turnpike, Interstate 80 and dozens of smaller highways and arteries. This accessibility also includes Newark, LaGuardia and JFK airports as well as Port Newark/Elizabeth and important rail lines.
The Mahwah market presents prospective tenants and buyers with properties priced at reasonable price-per-square-foot dollar amounts that would be unthinkable for buildings of similar specifications in the Meadowlands or Ports markets. Companies looking to invest or sign a long-term lease can secure an easily accessible building for a fraction of the price in a location that is only going to see higher demand and increased property prices as time goes on.
Mahwah has seen consistent growth in recent years with several large companies including Inserra Supermarkets, Jaguar, Land Rover USA, and Ascena Retail Group among many others calling the township home. As this growth continues, more businesses will look to the pro-business municipal government and strong market fundamentals to make Mahwah home.
- Human Capital
It is clear that today’s businesses will choose to do business where their ideal workforce is located. With a high quality and diverse labor force, Mahwah is an attractive spot for industrial users looking for a wide variety of workers to fill positions within their facilities. Mahwah’s workforce ranges from men and women with advanced degrees to highly experienced blue-collar workers and everything in between. Mahwah’s extraordinary public schools and nearby Ramapo College also guarantee a steady flow of ideal workers into the local labor pool for years to come.
As the only industrial property currently under construction in the north Bergen market, 100 Performance Drive marks the beginning of a new chapter in the economic history of Mahwah and an exciting opportunity for a business looking for an available space in New Jersey’s next hot market.
NAI James E. Hanson also recognizes this potential and is the exclusive listing agent for the property. Learn more about 100 Performance Drive here. For available leasing or purchase opportunities, contact NAI James E. Hanson’s Ken Lundberg (201) 478-7378, email@example.com or Patrick Lennon at (201) 478-7374, firstname.lastname@example.org.