(To read more on the industrial market, click here.)
SECAUCUS, NJ-The availability of industrial real estate in New Jersey has whittled away to 8.6%, down from 9.3% just three months ago, according to the most recent data from Grubb & Ellis's Industrial Market Trends report for the first quarter of 2006. This surge of more than 4.2 million sf of occupancy occurred even with record numbers of new construction hitting the market in New Jersey's various submarkets.
The biggest submarket for industrial real estate is the Meadowlands, and that's right where the RealShare Industrial East conference is going to be. This Wednesday and Thursday, June 7 and 8, the Crowne Plaza Meadowlands will host an estimated 300 industrial real estate professionals.
"New Jersey is the largest industrial market on the east coast, and the Meadowlands is right in the heart of it," says Rich Kelley, RealShare Conference series director. "It feels right to have the conference in the area, close to Newark Airport, and it worked when we held it there last year."
Walter Rakowich, president and COO of ProLogis, will give the keynote address Thursday morning. "He's extremely well-spoken, and has a diverse background including time spent on the east coast," Kelley says.
Michael Brennan, president, CEO and director of First Industrial Realty Trust, will be spotlighted in the "Inside the Real Estate Mind" centerpiece. Group publisher and editorial director of Real Estate Media Michael G. Desiato will interview Brennan on FIRT's $7 billon of industrial transactions--nearly half of that in the last 12 months--and how the industrial market looks up and down the East Coast.
A new feature for this Industrial East edition is a Pardon the Interruption-style presentation given by two chairmen and CEOs: KTR Capital Partners' Jeff Kelter and Lee & Klatskin's Charlie Klatskin.
A "Town Hall" meeting Thursday morning will ask panelists if the industrial market has reached a point of equilibrium. Moderator Jim Dieter of CB Richard Ellis will talk with Gus Milano of Hartz Mountain Industries, John Thomas of ING Clarion partners, and Greg Thurman of Panattoni Development Co. Concurrent sessions will host panel discussions on urban infill, brownfield development and New Jersey leasing. The event is produced by Real Estate Media, publisher of Real Estate Forum and GlobeSt.com.
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