CBRE has predicted continued growth for manufacturing facility transactions in the state through the rest of the year, it announced Thursday.
According to CBRE Q3 research, New Jersey is projected to complete 49 of these deals by the end of 2018. This is a 63 percent increase from 2015 data on the same subject.
Since 2015, there has been a steady uptick of manufacturing transactions (30 in 2015, 43 in 2016 and 46 in 2017), CBRE said.
CBRE also announced the $17 million sale of a 93,000-square-foot manufacturing facility at 400 Claremont Ave. in Jersey City to Elementis Specialties Inc.
“It’s encouraging to see a steady rise in manufacturing transactions over the courses of the last several years in New Jersey, with 2018 predicted to follow that same trajectory,” L’Abbate said. “The Jersey City transaction is the perfect example of how developers can unlock the value of under-utilized manufacturing facilities in the tri-state area.”