RUTHERFORD, NJ— industrial markets are expanding rapidly throughout New Jersey with a good construction pipeline and very little vacancy, according to the Industrial submarkets panelists at this year's RealShare New Jersey conference.
“In the 29 years that I've been doing this, I've never seen this much velocity in all the markets in all categories,” says Tom Monahan, CCIM, SIOR, SVP of CBRE. “Regional markets have very little vacancy all the way down to Exit 8A, local markets up here, very little vacancy. So overall, very good tenant velocity, a very good construction pipeline.”
“We have gotten very full quickly over the last 24 to 36 months, we still see some real rent growth in the portfolio, and we are currently over 95 percent occupied,” says Peter Crovo, SVP and market officer, Prologis. “From our perspective, it's very healthy. By no means is it a landlord's market, but by no means is it a tenant's market. Overall, that is what a healthy economy should look like.”
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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].
