|February 1, 2013|
Speculative Industrial Is BackVacancy rates are dropping across New Jersey as a thirst for modern, higher-quality buildings is starting to drive new office and industrial construction in the Garden State – and that activity includes a return to speculative development, which real estate professionals and business reporters say is positive step for the future.
By: Alicia Weaver
At KSS, the 200 Milik New Distribution Center for Hampshire Real Estate Companies in Carteret, NJ, is a shining example of this trend. One of the first speculative industrial projects to come to fruition following the economic downturn, construction is progressing nicely and the project is a strong indicator of the market's recovery.
Near Interstate 95 in an industrial zone, 200 Milik's simple design maximizes the potential to attract tenants. In accordance with what is becoming an industry standard, the distribution center incorporates strategies to provide significant daylight and views for users. Anticipated to achieve a LEED Certified rating from the U.S. Green Building Council, the building's energy efficiency is another attractor for potential tenants.
The distribution center's design uses a curtainwall system and iconic patchwork window to create a unique brand for Hampshire that is translating across additional buildings for the company. KSS' new design for 50 Bryla, also a speculative distribution center, on an adjacent property incorporates the same principals at the entrance. Construction for 200 Milik is expected to be complete in March, with work at 50 Bryla expected to begin at that time.
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