Amazon, which is looking to sublet at least 10 million square feet of space nationally, will sublet some space in New Jersey, an Amazon spokesperson said.
The company is looking to reduce its square footage now that a surge of pandemic-driven online shopping appears to be over, according to a story that first appeared in Bloomberg.
While not discussing specifics, Amazon spokesperson Alisa Carroll confirmed the company is reducing its square footage in the state. Carroll indicated it was the normal course of business.
“Subleasing is a very common real estate practice,” she said. “It allows us to relieve the financial obligations associated with an existing building that no longer meets our needs. Subleasing is something many established corporations do to help manage their real estate portfolio.”
According to the Bloomberg story, the excess capacity includes warehouses in New York, Southern California and Atlanta, as well as New Jersey.
Regardless of how much space Amazon is looking to sublease in New Jersey, the company isn’t likely to have an issue finding a new tenant. Vacancy rates for industrial space in New Jersey are at all-time lows.