PARSIPPANY, NJ–Industrials will continue to enjoy strong demand in New Jersey as they benefit from West Coast port congestion and the coming Panama Canal expansion that is leading shippers to divert deliveries to the East Coast, according to Transwestern's First-Quarter 2015 Industrial Market report. But Transwestern officials say most of the benefits will accrue to industrials in the north and central submarkets close to the New York city metro area, even though space is at a premium, and land for more expansion is hard to come by.
During the first quarter of 2015, more than 1.1 million square feet of industrial space was absorbed throughout New Jersey – the best opening quarter since 2008, Transwestern says.
“Prior to the office market boom in the 1980s, New Jersey was largely recognized as an industrial state, and history may be repeating itself,” says Matthew Dolly, research director for Transwestern's New Jersey office. “Developers are currently doing their part to redevelop depreciated industrial properties, and the state has initiated a number of critical infrastructure improvements. As the transformation of the market continues, New Jersey stands to benefit considerably, especially if shippers consider bypassing the congested West Coast ports.”
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.