ACREX · CALDWELL, NJ
Route 23/I-287 Corridor Industrial Real Estate
Warehouse and flex along Route 23 and I-287. Q3 2026 data.
Towns in Morris, Passaic and Bergen counties that Route 23 (north of Wayne) or I-287 (north of Parsippany) pass through, per Wikipedia junction lists: Boonton, Riverdale, Pequannock Township, Butler, Jefferson Township, West Milford, Wanaque, Oakland and Mahwah.
Market snapshot, Q3 2026
Matthews, Q3 2026: Route 23/I-287 is the tightest northern NJ submarket at 3.0% vacancy and the rent growth leader at +2.0%.
Matthews, Q3 2026: northern NJ asking rent $16.59/SF, 6.36% average cap rate, $214/SF average sale price.
Newmark, 3Q 2026: northern NJ overall $16.36/SF NNN, 5.7% vacancy.
Each firm draws its submarkets differently, so figures are not directly comparable. Asking rents are averages, not achieved rents.
What it means for owners
With 3.0% vacancy, owners here are pricing into the tightest submarket Matthews tracks. Get a free rent and value estimate for your building.
Projects in the pipeline
The AcreX sheet tracks 24 commercial projects in these towns (11 warehouse, industrial or storage) and 12 mapped multifamily projects with 734 units, as of October 24, 2026. Commercial tab · Pipeline tab
Largest industrial projects
Crossroads Logistics Center - 1 International Blvd warehouse (Docket 674), Mahwah: 1,241,000 SF, approved.
Russo Acquisitions - 1000 MacArthur Blvd industrial/warehouse (Docket 620), Mahwah: 208,345 SF, approved.
Lock Up Mahwah - 12 Leighton Place self-storage (Docket 627), Mahwah: 80,907 SF, approved.
500 Division Street, Boonton: 50,094 SF, proposed.
iLabs - 1111 MacArthur Blvd additions, Mahwah: 45,365 SF, approved.
Prestige Pre-Owned - 7 Industrial Ave building (Docket 1491-21), Mahwah: 38,012 SF, approved.
Largest multifamily projects
Oakland Shire (McBride/Hovan site), Oakland: 240 units, proposed.
Riverwalk, Boonton Town: 162 units, approved.
Leone Brothers “horse farm”, Oakland: 85 units, proposed.
Map
For owners
Owner questions
Which towns are in the Route 23/I-287 Corridor?
Boonton, Riverdale, Pequannock Township, Butler, Jefferson Township, West Milford, Wanaque, Oakland, Mahwah. This is the town list AcreX uses; brokerage research firms draw their submarkets differently.
What do warehouses rent for in the Route 23/I-287 Corridor?
northern NJ asking rent $16.59/SF, 6.36% average cap rate, $214/SF average sale price. Source: Matthews, Q3 2026.
How many projects are planned here?
24 commercial projects and 12 mapped multifamily projects (734 units) in the AcreX sheet as of October 24, 2026.
Who pays the broker when I lease my building?
It depends on the listing agreement. In New Jersey a broker can only enforce a commission agreement that is in writing (N.J.S.A. 25:1-16), so the fee and who pays it should be agreed before marketing starts.
Related pages
Talk to AcreX
Book a consultation with Jonathan Libock · Call (201) 694-6463 · jon@acrex.co
Sources: NAI James E. Hanson 3Q 2026 Industrial Report (Oct 5, 2026); Newmark 3Q 2026 Northern NJ Industrial Market Report; Matthews Northern NJ Industrial Q3 2026 (Oct 30, 2026); AcreX pipeline sheet, Commercial and Pipeline tabs, rows marked for the map, as of October 24, 2026. Updated November 2, 2026.