Feb 2, 2017
2016 was a bustling year for Parsippany’s Industrial market. The average rents for Industrial properties have increased and so has demand. The acquisitions of industrial buildings by several new companies have helped to keep the vacancy rate at 5% which is in line with the rest of the state.
The most recently acquired industrial properties are: Earth Friendly at 50 Lackawanna Avenue; Net Access at 200 Walsh Drive; Hudson News purchased the Coca Cola building at 701 Jefferson Road which was vacant for years; and UPS purchased the former Safilo building at 701 Jefferson Road. As Mayor Barberio reiterated in his State of the Town address, these four buildings have contributed to the 4.5 million square feet of space.
Parsippany continues to be a desirable location for companies to relocate to because of its proximity to major highways and availability of quality industrial/commercial space.
