RUTHERFORD, NJ — The New Jersey office market is relatively upbeat, despite challenges facing properties further removed from the more desirable urban and waterfront settings, but the white-hot growth market for New Jersey still appears to be industrial, according to members of the “Garden State Deal Execution” panel at the RealShare New Jersey conference held yesterday in Rutherford, NJ. About 300 market participants attended the half-day conference sponsored by ALM Real Estate Media, Globe Street.com's parent company.
Industrial vacancy is in the 7.8 percent range, which is very healthy, says Brian Hosey, regional manager, Marcus & Millichap, even though more than 1 million feet of capacity will come online over the next year. Much of the demand for industrial property is being driven by dramatic changes in the supply chain for traditional retailers, the panelists say.
Many retailers are using large distribution centers as their stock rooms, providing customers with rapid, sometimes same-day delivery, while limiting the inventory actually on display in stores, they say.
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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].
