LITTLE FERRY, NJ—Rental rates in the industrial sector are poised for 'double digit' percentage increases this year, according to DTZ chief economist Kevin Thorpe, who spoke at the firm's client event at the Yogi Berra Museum & Learning Center on the campus of Montclair State University last night.
“New Jersey's industrials are unequivocally, absolutely booming,” Thorpe says. “Demand for industrial space is already looking at record territory and we see that continuing.” New Jersey ranks 12th out of 382 metro areas for net industrial absorption, he told the group.
The New Jersey industrial sector is posed for strong rental price increases, largely due to the impending opening of greater access to New York/New Jersey ports via the Panama Canal, he says.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.