Market Report NEW JERSEY INDUSTRIAL 3Q Leasing Activity MSF. Net Absorption

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1 Market Report NEW JERSEY INDUSTRIAL 3Q 215 Accelerating success. ± % $ MSF Absorption SF 3Q 215 Quarter-to- Quarter Change Year-to- Year Change YTD 215 9,531, % 39.6% 31,779,232 5,672,959 1,85,32 1,789,736 13,128,46 Availability Rate 1.6% -.6pp -1.6pp N/A Average Asking ($/SF/YR) $6.12.5% 1.16% N/A Note: pp (percentage points) New Jersey s industrial market continued to show improving market fundamentals with 11 consecutive quarters of positive net absorption and rental rate growth for warehouse/distribution space, in spite of the leasing activity declining this quarter. While leasing activity declined quarter-over-quarter, third quarter activity is up 4% from the prior year and at 31.8 million SF year-to-date leasing activity has already surpassed 214 leasing activity of 29.9 million SF. Activity this quarter was driven by traditional retailers and logistics companies, which accounted for 67% of all activity. In the most notable transaction of the quarter, Serta leased 46, SF at 5 Bryla Street in Carteret. The property was developed by the Hampshire Companies on spec and delivered to the market this quarter. Increased net absorption this quarter lowered the availability rate to 1.6% - the lowest recorded rate since Q1 21. Net absorption totaled 5.7 million SF, up 48.4% from last quarter. The lack of new big block availabilities coupled with a growing manufacturing presence in New Jersey were the main factors for this positive movement. The state has added 6,3 manufacturing jobs over the last 12 months, which represents the largest 12-month increase in the sector since While the increase was a modest 2.6%, the increase suggests the long-term decline in manufacturing jobs has bottomed out. Major transactions in this sector included: Atlantic USA s 16, SF lease at Ferry Street in Newark and Ammo Distribution s 48,421 SF lease at 9 Cotters Lane in East Brunswick. PORT AUTHORITY TERMINAL ACTIVITY GROWS DISPITE SIGNS OF A GLOBAL TRADE SLOWDOWN The Port of New York and New Jersey saw total traffic rise in July to 588,918 TEUs, a gain of 14.1% from a year earlier and 4.7% higher than June, when volumes reached then all-time highs. Annualized growth through July was slightly higher than the 13.5% growth rate the Port saw during the first seven months of 215. The robust Port volumes underscore that imports have been resilient to a slowdown in global trade and unease about the economic health of major trade partners. Furthermore, the Ports will likely get a further boost once the Panama Canal expansion is completed. As of August 215, the Panama Canal Authority reported that the expansion was 93.1% complete. New Jersey Overall Availability Rate vs. Average Asking New Jersey Overall vs. Net Absorption % Available Asking (+TE) $6.5 12,, 1,, Net Absorption 1% 5% $6.25 $6. $5.75 8,, 6,, 4,, 2,, % $5.5 1 New Jersey Industrial Market Report 3Q 215 Colliers International 3 Interpace Parkway, Bldg. C, 3 rd Floor Parsippany, NJ

2 New Jersey Industrial Market Report 3Q 215 NORTHERN NEW JERSEY The Northern New Jersey industrial market continues to exhibit strong performance, as economic indicators and market fundamentals remain positive. Driven by strong absorption, Northern New Jersey s availability rate improved by 5 basis points from last quarter to 1.5%. Increased tenant demand coupled with a shortage of available space has led to upward pressure on warehouse average asking rents, which have increased 3.9% from the prior year. During the third quarter, Northern New Jersey totaled 2.2 million SF of positive net absorption due to continued demand for large blocks of space. In retrospect, the market has made significant progress since recording over 13 million SF of negative absorption between 28 and 21 and an availability rate that reached 13.4%. The market began its recovery in 211, and since then, all but four quarters have seen positive absorption. This dynamic reduced the availability rate to 1.5% - its lowest level since Q4 28. LeasingactivityinNorthernNewJerseytotaled3.8millionSFand,while down from last quarters impressive 4.4 million SF, is up 6% from the prior year. The distribution/logistics and traditional retailer industries drove leasing activity, accounting for 58.3% of all activity this quarter. In the most notable transaction innorthernnewjersey,officestarproduct sleased216,49sfat1lladrodrivein Moonachie. Other noteworthy transactions this quarter include: ShipCo s 212,545 SF renewal at 699 Kapkowski Road in Elizabeth and Atlantic USA s 16, SF lease at Ferry Street in Newark. Contributing to market activity are company relocations out of New York and into the northern part of the state. Northern New Jersey continues to recognize growth from out-of-state tenants, specifically from Brooklyn and the Bronx. Over the past several quarters, industrial users in New York s boroughs have been relocating across the Hudson as investors have been repurposing their old industrial warehouses into residential space. These users tend to have smaller requirements between 25,-75, SF which are correctly sized for Northern New Jersey where the median building size is 47,7 SF. Companies that have established a New Jersey presence recently include Blue Apron s move to Jersey City from Williamsburg, AP&G s relocation to Bayonne from Brooklyn; Aron Streit moving out of the Lower East Side into their Moonachie site; and M&J Innovations relocating from the Bronx into 2,4 SF at 385 Chestnut Street in Norwood. Increased container traffic coming in and out of the Ports is a key contributor to the increased activity in this market. With alack of available land, developers and users are competing for existing available inventory. This coupled with the delivery of new construction, continues to set a higher benchmark for pricing. At $6.2 per SF, Northern New Jersey s average asking rent for warehouse space is up 3.9% from the prior year and 12.1% from its recessionary low of $5.53 recorded in 2Q 211. Northern New Jersey Availability Rate vs. Average Asking 14% 12% 1% 8% 6% 4% 2% % % Available Asking (+TE) $7. $6.75 $6.5 $6.25 $6. $5.75 $5.5 Northern New Jersey vs. Net Absorption 6,, 5,, 4,, 3,, 2,, 1,, -1,, Net Absorption 2 New Jersey Industrial Market Report 3Q 215 Colliers International 3 Interpace Parkway, Bldg. C, 3 rd Floor Parsippany, NJ

3 New Jersey Industrial Market Report 3Q 215 CENTRAL NEW JERSEY The Central New Jersey industrial market is at a post-recession high, with the lowest availability rate since 28, an increase in construction starts; and, seven consecutive quarters of positive net absorption. This has led to upward pressure on asking rental rates for warehouse space, which have increased 3.3% from last quarter and 4.1% from the prior year. Central New Jersey continued to attract the majority of industrial space demand within the State, accounting for 6.3% of the leasing activity during the third quarter. At 5.7 million SF, leasing activity is up 76.6% from last year and was driven by demand for Class A product. For example, Serta leased 46, SF at 5 Bryla Street in Carteret a property that just completed construction this quarter, and Achim Trading leased 182, SF at 124 Cranbury South River Road in Cranbury. Given that most of New Jersey s Class A inventory is located in Central New Jersey, increased demand for Class A space coupled with a shortage of large available blocks in Northern New Jersey, has and will continue to drive new activity to Central New Jersey. Strong activity kept net absorption positive for the seventh consecutive quarter at 3.4 million SF, which represents a 36.3% increase from the prior quarter. Sustained positive net absorption and healthy tenant activity pushed the availability rate lower for the fifth consecutive quarter to 1.7%, a 67 basis points improvement quarter-over-quarter. Constrained supply is evident in the submarkets along the New Jersey Turnpike at Exits 1, 9 and 8A, where availability rates are below 1%. The most notable decline occurred at Exit 9 where the availability rate fell below 1%, to 8.9% for the first time since 28. Growing demand in Central New Jersey can be attributed to the increase in consumer confidence and the growth of e-commerce that has translated into robust demand for warehouse space. Average asking rents for warehouse/distribution space this quarter rose above the $5. per SF barrier for the first time since 4Q 28; and, at $5.9 per SF, rents are up $.2 per SF (4%) from the prior year. Industrial users in Central New Jersey continue to focus on Class A product with 37.2% of the 5.7 million SF of leasing activity having occurred in Class A properties a building group that comprises less than 19% of Central New Jersey s inventory. This clear flight to quality trend continues to gain momentum and will continue to drive demand in the market, and increased pricing, as evidenced by the 18.6% rental rate premium currently being paid for Class A warehouse/distribution properties. Central New Jersey Availability Rate vs. Average Asking 14% 12% 1% 8% 6% 4% 2% % % Available Asking (+TE) $7. $6.5 $6. $5.5 $5. $4.5 $4. Central New Jersey vs. Net Absorption 7,, 6,, 5,, 4,, 3,, 2,, 1,, Net Absorption 3 New Jersey Industrial Market Report 3Q 215 Colliers International 3 Interpace Parkway, Bldg. C, 3 rd Floor Parsippany, NJ

4 New Jersey Industrial Market Report 3Q 215 CAPITAL MARKETS Investors have demonstrated their confidence in New Jersey s industrial market this year. At $2.2 billion, year-to-date investment volume has already surpassed the total for 214 by 34.8%. Much of the investor demand is focused in New Jersey s core submarkets the Meadowlands, the Port Market, Exit 1, Exit 8A, and Exit 7A. Strong investment volume is anticipated to continue in New Jersey s industrial market as lease rates continue to trend upward and interest rates remain historically low. 23 industrial sales totaling 2.6 million SF closed during the third quarter. In the largest sale of the quarter based on sales price, Holmdel Realty Development purchased 2182 Route 35 in Holmdel from Croddick Real Estate for $24.7 million or $45.74 per SF at a 9% cap rate. Additionally, in the Meadowlands submarket, Sitex Group purchased 12 Valley Brook Avenue in Lyndhurst from United Land Resources for $16.4 million or $88.92 per SF. Sitex plans to spend approximately $4 million to improve the vacant warehouse building, adding additional parking, replacing the roof and upgrading the HVAC system. New Jersey Annual Investment Volume In billions $2.5 $2. $1.5 $1. $.5 $ YTD 215 CONSTRUCTION ACTIVITY With increasing constraints on New Jersey s industrial supply, the New Jersey industrial market has seen a significant uptick in new development projects. After six completions and eight new projects breaking ground this quarter, there are now 18 projects totaling 4.6 million sq. ft. underway, of which 86% are being built on spec. Notable construction starts this quarter include: Forsgate Industrial breaking ground on a 22,883 SF warehouse property at 125 North Street in Teterboro; Davidson Mill Road in South Brunswick, a 488,8 SF warehouse property being developed by Bridge Development; and, Clarion Partners development of a 496,32 SF warehouse property at 335 Ridge Road in South Brunswick. New Jersey Overall Quarterly Construction Starts Square Feet 4,, 3,, 2,, 1,, ECONOMIC INDICATORS GDP Gross Domestic Product CCI Consumer Confidence Index TEUs Port Loaded Containers $17,914 (2Q 215) [in billions] Increase from 1Q (Aug. 215) Increase from Aug ,918 (July215) Increase from June 215 Source: U.S. Department of Commerce, The Conference Board, Port Authority of NY/NJ 4 New Jersey Industrial Market Report 3Q 215 Colliers International 3 Interpace Parkway, Bldg. C, 3 rd Floor Parsippany, NJ

5 New Jersey Market Overview Recent Transactions & Major Sales Top 3Q 215 Transactions Submarket Property Address City Leased SF Tenant Lease Type Exit 8A 38 Deans Rhode Hall Rd South Brunswick 471, LG Electronics USA Renewal Exit 12 5 Bryla St Carteret 46, Serta New Lease Exit 8A 1 Industrial Rd Dayton 357,829 Sappi North America Renewal Exit 8A 7 Santa Fe Way Cranbury 297, Anixter International Renewal Route 8/ Continental Dr Wayne 272,348 Retail Logistics Renewal Exit Jersey Ave North Brunswick 219,441 Flexon Renewal Meadowlands 1 Lladro Drive Moonachie 216,49 Office Star Products New Lease Port Market 699 Kapkowski Road Elizabeth 212,545 ShipCo Renewal Hunterdon County 111 Cokesbury Rd Lebanon 198,779 JNJ Warehouse, LLC New Lease Top 3Q 215 Sales Property Address, City 2182 Route 35 S, Holmdel 12 Valley Brook Avenue, Lyndhurst 1595 MacArthur Boulevard Building RBA 54, Buyer Holmdel Realty Development Seller Croddick Real Estate Holdings Sale Price Price PSF Cap Rate $24,7, $ % Sitex Group United Land Resources $16,4, $88.92 vacant 119,264 Cabot Properties Dimensional Communications $13,25, $ % 114 Tived Lane, Edison 269,863 Samuel Sontag BlueVista Properties $11,32, $41.95 vacant 1575 Jersey Avenue 129,129 Vish Corp Silverman Group 8,135,127 $ % 99 Avenue A, Bayonne 166,296 Penwood Real Estate Crown Realty Trust $8,, $48.11 vacant 5 New Jersey Industrial Market Report 3Q 215 Colliers International 3 Interpace Parkway, Bldg. C, 3 rd Floor Parsippany, NJ

6 New Jersey Market Overview Existing Properties Submarket Inventory Availability Rate (%) W/D Average Manufacturing Average Flex/ R&D Average Leasing Activity (QTR.) Net Absorption (QTR.) RBA Under Construction Northern NJ Sussex County 2,75, % $6.96 $ ,14 (18,27) Northern Bergen 22,457,9 11.8% $8.45 $6.81 $ ,452 62,696 Central Bergen 12,794,88 9.1% $8.18 $8.6 $ ,56 (14,225) Meadowlands 75,693,35 9.5% $6.84 $5.68 $ ,445 58, ,35 Route 8/46 74,688, % $6.26 $5.76 $ ,1 655,513 Port Market 112,745, % $5.85 $5.77 $9.47 1,321,25 517,537 1,147,694 West Essex 19,397, % $5.42 $5.58 $12. 75,932 (23,132) Morris Region 39,552, % $5.73 $6.41 $ , ,336 18, Route 23 North 695, % - $6. - 1,6 (24,658) Warren County 6,334, % $4.75 $4.43 $7.5 24,76 133,14 Total NNJ 366,435, 1.5% $6.2 $5.88 $9.85 3,787,782 2,239,457 1,916,729 Central NJ Route 78/Union 28,311, % $5.26 $6.12 $ ,975 91, ,415 Somerset County 31,469, % $4.72 $4.86 $ , ,416 Hunterdon County 6,777, % $4.41 $3.57 $ ,332 (112,15) Exit 12 23,862, % $6.37 $6.2 $ , ,66 Exit 1 79,81,73 8.6% $5.57 $7.7 $7.89 1,48, ,773 Exit 9 22,659,13 8.9% $4.69 $6.1 $ ,87 983,184 Exit 8A 61,288, % $4.78 $4.75 $ ,981,75 582,45 2,394,12 Princeton/Trenton 18,232, % $3.41 $3.26 $ ,425 4,663 Exit 7A 14,312, % $3.99 $2.5 $13. 21,75 (497,9) Monmouth County 2,17, % $6.68 $6.76 $ , ,231 Ocean County 1,3, % $6.21 $5.42 $ ,49 133,782 38, Total CNJ 316,917, % $5.9 $4.25 $ ,743,752 3,433,52 2,695,535 Market Total 683,352, % $5.68 $5.14 $1.89 9,531,534 5,672,959 4,612,264 Class A Warehouse/Distribution Market Inventory Availability Rate (%) Vacancy Rate (%) Average Asking Leasing Activity (QTR.) Northern New Jersey 1,943,68 1.7% 1.3% $ ,758 Central New Jersey 59,266, % 1.4% $6.4 2,14,773 New Jersey Overall 7,21,49 1.8% 1.4% $6.36 2,765,531 6 New Jersey Industrial Market Report 3Q 215 Colliers International 3 Interpace Parkway, Bldg. C, 3 rd Floor Parsippany, NJ

7 52 offices in 67 countries on 6 continents United States: 14 Canada: 31 Latin America: 24 Asia Pacific: 199 EMEA: 18 FOR MORE INFORMATION David A. Simon Executive Managing Director John Obeid Senior Director Research $2.3 billion in annual revenue 1.7 billion square feet under management 16,3 professionals and staff COLLIERS INTERNATIONAL PARSIPPANY 3 Interpace Parkway Bldg. C 3rd Fl. Parsippany, NJ PRINCETON 5 Alexander Park Suite 22 Princeton, NJ About Colliers International Colliers International is a global leader in commercial real estate services, with more than 16,3 professionals operating out of 52 offices in 67 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate occupiers, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. Colliers International has been recognized and ranked by the International Association of Outsourcing Professionals Global Outsourcing 1 for 1 consecutive years, more than any other real estate services firm. colliers.com Copyright 215 Colliers International. The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report. Accelerating success.

1Q Leasing Activity 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 $25 1,000,000 $24 (1,000,000)

1Q Leasing Activity 6,000,000 5,000,000 4,000,000 3,000,000 2,000,000 $25 1,000,000 $24 (1,000,000) Market Report NEW JERSEY OFFICE 1Q 217 Accelerating success. ± % $ MSF Absorption SF 1Q 217 Quarter-to- Quarter Change Year-to- Year Change YTD 216 2,412,942-5.1% -5.4% 2,412,942 (672,64) 32,261 (777,437)

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