Paul Rosen of Prologis harkened back to the worst days of the economic downturn when he said his company could only attract and retain tenants if it was willing to make improvements to a building to suit them. He said that concessions for tenants at Class A and B properties had dropped “dramatically” in the last 18 months.

Still, the market has been “slow, real slow, this summer” in the Meadowlands where Hartz Mountain's expansive, 30-year-old complex formerly occupied by Panasonic is emptying out, noted NAI James E. Hanson's Andrew Somple. Panasonic has relocated its headquarters to a new building in downtown Newark.

Cushman & Wakefield's Marc Petrella said he did not think the pace of leasing was linked to a specific type of industrial product, but rather to the overall market dynamic and specific locations.

“Eventually we will see older buildings in desirable locations being renovated for re-use,” Petrella said. “I think the future might be there.” But Rosen expressed some skepticism, seeing as industrial users continually are demanding higher ceiling heights.

“Is a roof-raise worth it?” Rosen mused. “Let's say it gets you an extra $2 a square foot. You have to think about recycling, or whether you are putting a good amount of lipstick on a pig.”

Somple pointed to the makeover of the former New York Times printing plant in Edison that is now a large data center. “That could happen in the Meadlowlands, as redevelopment of some of what is there,” he said.