NEW BRUNSWICK—Marc Petrella, one of the panelists featured at next week's RealShare New Jersey Conference, says the outlook for industrial real estate is “very, very positive.”
Petrella, a senior director with Cushman & Wakefield, will join William Waxman, executive vice president, CBRE, and David Iacobucci, managing director, Woodmont Industrial Partners, on a panel entitled, “Industrial Leaders in the Garden State,” moderated by David B. Wolfe, Esq., partner with Skoloff & Wolfe PC that is scheduled to start at 11:35 a.m. The conference kicks off Thursday, September 11 at 7:45am at the Hyatt Regency in New Brunswick.
In comments provided exclusively to GlobeSt.com in advance of his panel appearance, Petrella says “The years 2011, 2012 and 2013 were reasonably strong recovery years, with positive net absorption in each of those years, and that set the stage for continued strong positive net absorption in 2014 – approximately 5.8 million square feet year-to-date.”
Very little new product was built in the past five years, so vacancy rates are currently very tight in the market overall, “with even tighter rates in some of the better performing submarkets,” Petrella says.
The conference will bring together the Garden State's commercial real estate power players for a full day of panels and conversations. In addition to Petrella's panel and a keynote address by Republican US Senate candidate Jeffrey Bell, the program features panels on economic growth, redevelopment, and getting deals done.
The industrial property market is beginning to heat up, says Petrella.
“Some 8.7 million square feet of new product has been recently delivered or is under construction market-wide, but approximately 30 percent of that is pre-committed or build–to-suit,” he says. “As a result, the remaining 6 million square feet of new development availability should lease up relatively quickly, as net absorption is still outpacing new deliveries, with the market absorbing a total of 8.7 million square feet last year and another 5.8 million square feet year-to-date.”
Petrella believes the market has a good opportunity for continued growth.
“Overall, the industrial market's fundamentals are strong once again, with supply and demand in good balance,” he says. “There also continues to be a huge appetite for investment in industrial product in New Jersey, and product remains very scarce on the buy side.”
More information on the RealShare New Jersey Conference is available at http://www.globest.com/conferences/realshare-new-jersey-2014/.
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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].
