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Market Update: Industrial Sector is Among Nation's Strongest

MONTVILLE, NJ-The hybrid space that has evolved in the Garden State serves the market well, and may even provide one solution for companies displaced by the WTC disaster.

By Eric Peterson | Updated on September 19, 2001

MONTVILLE, NJ-Over and above the solid market numbers that show New Jersey’s industrial real estate as “among the strongest in the nation,” in the words of Hayden Tiger, regional director for First Industrial Realty Trust, an unusual phenomenon has evolved here. Tiger calls it “hybrid space. Industrial space today is being used not only for bulk warehouse or distribution purposes, but for all types of office and R&D tenants.

“This creation of a new type of hybrid flex building that combines office and industrial features can also be modified to suit a tenant’s needs,” he continues. “Companies have been turning to this kind of space as one solution.”

The trend also reflects New Jersey’s shift from traditional manufacturing to warehousing and distribution as the key driver of its industrial sector. And because well-built industrial space is only a step below flex or class C office space, industrial property developers have been successfully hedging their bets as to which way the market will go.

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