EAST RUTHERFORD, NJ—The Northern and Central New Jersey industrial market has remained deep in its current expansion cycle, with no signs of slowing down, Cushman & Wakefield says.
At mid-year 2017, vacancy and rents are at levels not seen in more than 15 years, construction should reach a new historical high, and demand remains healthy despite limited existing options along the turnpike corridor. The industrial market is also benefiting from consumer confidence, employment rates, and retail sales—with a big boost from e-commerce.
“Apart from any major geopolitical events, we anticipate that the industrial cycle will continue on its upward trajectory in this prolonged expansion cycle,” says Andrew Judd, Cushman & Wakefield's New Jersey Market Leader. “Activity on development sites should remain strong, as class A options are limited within the core turnpike submarkets. And despite the anticipated delivery of speculative warehouses in the second half of the year, occupancy levels should improve nominally in many market segments as pre-leasing activity persists. In turn, asking rents along the turnpike should tick higher, albeit at a more modest pace than in the last few years.”
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
