Rents Continue to Climb As Central New Jersey Continues to Outpace Northern New Jersey

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1 Q INDUSTRIAL NORTHERN & CENTRAL NEW JERSEY MARKET REPORT Rents Continue to Climb As Central New Jersey Continues to Outpace Northern New Jersey The overall Northern/Central New Jersey Industrial Market continued to perform well. The vacancy rate held steady at 8.2%, and the average asking rent increased for the third straight quarter, closing at $6.19. The central portion of the State carried the 2nd quarter as Northern New Jersey saw its average asking rent decrease from $6.45 in the first quarter to $6.41 in the second quarter versus a change in rents of $5.76 to $5.93 in Central New Jersey during the same period. Absorption turned negative this quarter as new space in Northern NJ continues to become available, offsetting any positive absorption. Central New Jersey s positive net absorption of 614,040 sf was ineffective at countering Northern New Jersey s negative 1,127,919 sf of absorption, leaving the State with negative absorption of 513,879 sf for the quarter. In spite of this the industrial market continues to garner the confidence of investors, developers and owners, thus explaining the increase in asking rents for the period. LEASING & CONSTRUCTION ACTIVITY Total leasing activity in Northern/Central New Jersey NJ OVERALL VACANCY VS AVERAGE ASKING RENTAL RATE NJ OVERALL NET ABSORPTION (SF)

2 INDUSTRIAL MARKET REPORT Q NORTHERN & CENTRAL NEW JERSEY came in at 4,318,154 sf in the second quarter, a 1,152,487 square foot decrease from last quarter s leasing activity of 5,470,641 sf and a similar decrease of 1,653,699 sf from the prior year s total of 5,971,853 sf. The decline in activity can be attributed to Central NJ, which registered only 2,728,142 sf of leasing activity in the second quarter, a significant decrease from the 3,693,612 sf leased in the prior quarter. Last quarter, three transactions over 300,000 sf were completed in addition to four transactions between 200,000 and 299,999 sf. Although the second quarter had three transactions over 300,000 sf, there were no transactions between 200,000 and 299,999 sf, which greatly reduced the State s leasing activity. The owner, Hartz Mountain Industries, creatively met the tenant s requirements by repositioning the building, raising ceiling height and making renovations to the interior of the building to accommodate the tenant, which sells wholesale plumbing supplies to both professional and do-it-yourself customers. Previously, the building, along with the two adjoining office buildings, served as Panasonic s headquarters, which armed with NJ State Tax Incentives, relocated its headquarters to Newark. Hartz has since razed Panasonics former office structures and is marketing them as development sites for data centers. NJ TOTAL NONFARM PAYROLL EMPLOYMENT Viridian Partners, located in Highland Ranch, Colorado, is close to finishing years of work decontaminating and improving the former National Lead paint site, totaling 103 acres in Perth Amboy. The owner will have the property ready for construction at the start of 2015 and the site has already been approved for 3 industrial buildings totaling 1.3 million sf. Utility lines and drainage basins have been installed at the site. The structures will have 36 foot ceilings and cross docking configurations and will be targeted to e-commerce tenants. The site is expected to attract bids of approximately $70 million. The project is expected to obtain rents of $7.00 to Notably for the quarter, Ferguson Enterprises expanded into the state, leasing 450,000 sf at 50 Meadowlands Parkway in Secaucus. 2 COLLIERS INTERNATIONAL

3 $7.50 per square foot, triple net. Potential investors are being informed that at 100% occupancy they will likely be able to sell the completed complex at a capitalization rate of 5%, or approximately $200 million. Suitable development land this close to the ports remains scarce. Mill Creek Residential purchased the 500,000 sf warehouse formerly occupied by Butler Brothers at 350 Warren Street in Jersey City from 350 Warren LP with plans to convert the property into a 377 unit residential building with retail, artist studio/gallery space and built in parking. The previous owner attempted to have the building condemned and razed but was unable to prove it was structurally unsound. Jersey City declared the building a historic property, which limited development projects to adaptive reuse only. ECONOMY & JOB GROWTH The Grow New Jersey Incentive program continued to be a big success through the second quarter of 2014, approving 50 projects totaling over $1.1 billion since inception. Since the program was revised last November, these tax credits led to the creation of 7,259 jobs and the retention of 2,580 at risk jobs. Of the projects approved, 13 received bonuses US TOTAL NONFARM PAYROLL EMPLOYMENT for being in the manufacturing industry. New Jersey saw the largest three month gain in employment since 2000 from April to June, increasing by an average of 49,500 jobs per month during the period. As a result, the State s unemployment rate dropped to 6.5%, from 8.3% the prior year. OUTLOOK Intense cold and heavy snow in North Central U.S., accompanied by record breaking warmth and drought in the West, contributed to the negative 2.9 the first quarter Real U.S. GDP reading. The Conference Board predicts the second, third and fourth quarter GDP readings will be much improved, coming in at 3.0, 2.9 and 3.0, respectively. Industrial construction continues to increase as there is still limited supply of quality large block availabilities. Colliers is tracking 23 new construction projects totaling 8,901,907 sf, with speculative COLLIERS INTERNATIONAL 3

4 INDUSTRIAL MARKET REPORT Q NORTHERN & CENTRAL NEW JERSEY development accounting for nearly 70%. Although a significant amount of new supply will hit the market in the coming quarters, there are several substantial requirements in the market, which will offset any negative impact from speculative development. NORTHERN NEW JERSEY The Northern portion of the State saw a 30 basis point rise in the vacancy rate quarterover-quarter, increasing from 7.9% to 8.2%. Five buildings were major contributors to this, adding 100K+ units of space during the second quarter: 450,318 sf at 100 Meadowlands Parkway in Secaucus; 330,000 sf at 700 Union Boulevard in Totowa; 178,856 sf at Seaview Drive in Secaucus; 151,160 sf at 205 Campus Drive in Kearny and 133,178 sf at 397 East 54th Street in Elmwood Park. The average asking rent in the North dropped slightly from the first quarter, from $6.45 to $6.41 per square foot, as some spaces were added to the market at below the average. For example, there were 133,178 sf added at 397 East NORTHERN NJ OVERALL VACANCY VS AVERAGE ASKING RENTAL RATE 54th Street in Elmwood Park, which came on at $6.25 per square foot and 112,000 sf at 16 Herbert Street in Newark, which is being marketed at $4.60 psf. More space came on the market than came off in Northern New Jersey, causing the net absorption to reach negative 1,123,170 sf during the second quarter. In perspective much of this space is not of the best quality and 1.1 million sf only represents three percent of the 28,592,162 vacant sf. Furthermore, the total net absorption in the North for 2013 was positive 3,709,380 sf. Leasing totaled 1,590,012 sf only 187,017 sf, or 11%, off the prior quarter s leasing activity of 1,777,029 sf. PSE&G, an energy company, was responsible for the second largest lease transaction in Northern New Jersey, leasing 200,000 sf for 2 years at 1 Disposal Road in North Arlington. PSE&G provides gas & electric service to nearly 4 COLLIERS INTERNATIONAL

5 three quarters of New Jersey s population. CENTRAL NEW JERSEY Central New Jersey s vacancy rate continued its improvement, dropping for the ninth consecutive quarter to 8.4%, compared to 9.3% the year prior. The average asking rents have seen positive movement as a result of this demand, increasing in seven out of the last eight quarters, from a low of $5.39 in 3Q 2012 to a high of $5.93 this quarter. Decreasing vacancy rates and demand for modern high-priced facilities will continue to be a driving force behind this increase. Leasing activity totaled 2,728,142 sf in this quarter, down 7% from the prior year. Port Jersey Logistics, a third party logistics provider, was responsible for the largest lease transaction in Central New Jersey, leasing 443,421 sf at 200 Liberty Way in Cranbury for 15 years. The tenant provides warehousing, transportation and value-added services to the Consumer Packaged Goods, Food, Health Care, Personal Care and CENTRAL NJ OVERALL VACANCY VS AVERAGE ASKING RENTAL RATE Alcoholic Beverages markets. CAPITAL MARKETS According to Real Capital Analytics, the average capitalization rate on Northern/ Central New Jersey Industrial sales $2.5 million and greater, closing between 6/30/2012 to 6/30/2014 was This is a 13 basis point increase from the previous 24 month period, stretching from 3/31/2012 to 3/31/2014, when the cap rate was The Florida State Board of Administration, which provides a variety of investment services to state and local government entities in Florida, completed the largest industrial sale of the quarter, purchasing ten industrial and flex properties in Bergen, Passaic, Hudson, Union and Middlesex Counties totaling 861,485 sf for $91,375,000 or $ per square foot. As of 3/31/2014 the total assets under management were valued at $ Billion. COLLIERS INTERNATIONAL 5

6 MARKET INDUSTRIAL REPORT MARKET Q4 REPORT 2012 Q NORTHERN & CENTRAL NEW JERSEY ABOUT COLLIERS INTERNATIONAL Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 520 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, 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 research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world. MARKET STATISTICS NORTHERN & CENTRAL NJ OVERALL Vacancy Rate (%) Asking Rental Rate Absorption (qtr) NORTHERN NJ OVERALL Vacancy Rate (%) Asking Rental Rate Absorption (qtr) CENTRAL NJ OVERALL Vacancy Rate (%) Asking Rental Rate Absorption (qtr) NORTHERN NJ COUNTIES 2Q Q Q Q Q 2014 change: last year change: last Quarter INDUSTRIAL 8.3% 7.9% 7.6% 7.8% 7.7% -0.6% -0.1% FLEX 16.1% 14.6% 14.0% 13.9% 15.7% -0.4% 1.8% TOTAL 8.8% 8.3% 8.0% 8.2% 8.2% -0.6% 0.0% INDUSTRIAL $5.44 $5.40 $5.54 $5.62 $5.68 $0.24 $0.06 FLEX $11.33 $11.14 $10.87 $10.76 $ $0.39 $0.18 TOTAL $6.01 $5.95 $6.08 $6.14 $6.19 $0.18 $0.05 TOTAL 1,620,826 3,563,027 2,746,452 (122,913) (513,879) (2,134,705) (390,966) INDUSTRIAL 8.0% 7.7% 7.3% 7.7% 7.7% -0.3% 0.0% FLEX 12.7% 10.4% 9.7% 9.8% 15.6% 2.9% 5.8% TOTAL 8.3% 8.0% 7.5% 7.9% 8.2% -0.1% 0.3% INDUSTRIAL $5.93 $5.92 $6.05 $6.11 $6.16 $0.23 $0.05 FLEX $10.34 $10.29 $10.31 $10.03 $9.74 -$0.60 -$0.29 TOTAL $6.35 $6.33 $6.43 $6.45 $6.41 $0.06 -$0.04 TOTAL 909,247 1,550,825 1,648,211 (1,123,170) (1,127,919) (2,037,166) (4,749) INDUSTRIAL 8.5% 8.0% 7.9% 7.9% 7.8% -0.7% -0.1% FLEX 19.0% 18.2% 17.6% 17.4% 15.8% -3.2% -1.6% TOTAL 9.3% 8.8% 8.7% 8.6% 8.4% -0.9% -0.2% INDUSTRIAL $4.83 $4.81 $4.97 $4.99 $5.10 $0.27 $0.11 FLEX $12.48 $12.02 $11.37 $11.43 $ $0.74 $0.31 TOTAL $5.59 $5.53 $5.69 $5.76 $5.93 $0.34 $0.17 TOTAL 711,579 2,012,202 1,098,241 1,000, ,040 (97,539) (386,217) Largest Transactions Tenant Name Address City Square Feet Hudson Ferguson Supply 1 Panasonic Way Secaucus 450,000 Hudson FedEx (Build to Suit) Secaucus Road Jersey City 300,000 Bergen PSE&G 1 Disposal Road North Arlington 200,000 Morris Fratelli Beretta USA (Build to Suit) International Trade Center Mount Olive 180,000 Morris Hudson News Distributors Jefferson Road Parsippany 134,790 Hudson The RealReal 35 Enterprise Avenue Secaucus 128,835 Hudson Atlantic USA Holdings 150 Pacific Avenue Jersey City 111,000 Bergen Axis Global Logistics 400 Lyster Avenue Saddle Brook 83,000 Passaic GES (Global Experience Specialists) 203 Kuller Road Clifton 75,000 CENTRAL NJ COUNTIES Middlesex Port Jersey Logistics 200 Liberty Way Cranbury 443,421 Middlesex Menlo Logistics 24 Englehard Drive Monroe 333,000 Middlesex GRM Records Management Company Cranbury South River Road Cranbury 302,290 Middlesex Performance Team Freight Systems, Inc. 145 Talmadge Road Edison 193,100 Middlesex Preferred Freezer (Build to Suit) 275 Blair Road Avenel 190,000 Somerset WorkFlowOne (Sublease from GMI) 60 Clyde Road Somerset 100,000 Middlesex Heller Construction 500 Mill Road Edison 91,628 Middlesex Apptec Packaging 200 Docks Corner Road South Brunswick 89,662 Middlesex PrimeSource Building Products (Expansion) 14 Van Dyke Avenue New Brunswick 88,922 Middlesex PrimeSource Building Products (Renewal) 20 Van Dyke Avenue New Brunswick 84,824 ROBERT R. MARTIE Executive Vice President / New Jersey Region robert.martie@colliers.com JOHN OBEID Senior Director, Research joh.obeid@colliers.com NORTHERN NEW JERSEY 119 Cherry Hill Road Parsippany, NJ CENTRAL NEW JERSEY 731 Alexander Road Princeton, NJ Accelerating success. Information contained herein has been obtained from sources that we deem reliable. We have no reason to doubt its accuracy, but we do not guarantee it. Some statements in this report are forward-looking statements or statements regarding future events, which involve risk and uncertainty, and there can be no assurance that the results described in such statements will be realized.

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