While many developers are building new or re-purposing existing properties into multi-family, Sudler continues to be committed to building its industrial, and reasserting itself by speculatively building two warehouse spaces in the last 18 months in Lakewood, and razing office space in Cranbury to make room for additional warehouse space. One of the Lakewood buildings was fully occupied shortly after completion, and the other is already 1/3 occupied several months before completion.
Warehouse development has always been appealing to Sudler, even during the recession. In 2008-2010, we worked with municipalities to change zoning so that we were ready for the increased warehouse market that we anticipated would result from port improvements in North Jersey and Philadelphia. Additionally, the expanded Exit 88/89 Interchange of the Garden State Parkway made Lakewood an especially appealing location with easy access to ports north and south of it.
We also anticipated the increase in warehouse space needs by national and international companies that would result from the expansion of the Panama Canal with warehouses on the East Coast in Florida, Maryland, Virginia and West Virginia, and on the West Coast in California. These changes necessitated more East Coast warehouse space by both national and international entities.
One of the other things we like about warehouse is that you can’t overbuild because scarcity of land proximate to highways and infrastructure will keep existing locations at premium. Conversely, multi-family is limited by the number of people who are willing to rent, and the number of communities that will appeal to potential renters because of their proximity to public transportation and walkability.
Technology has played a role in our decision to build warehouse as well. While it’s made it possible for many companies to consolidate jobs and let people work from home, ecommerce has increased the need for warehouse space, which will always be needed for product storage and shipping.
Contact us for more information about Sudler Companies 100+ year history, and its current portfolio which includes more than 5,265,000 SF of industrial and warehouse product including more than 1,000,000 sf of new warehouse space in Lakewood and Cranbury, NJ.