SADDLE BROOK, NJ—Several key “paradigm shifts” will be driving decision-making in the industrial real estate sector, involving behavior changes by consumers and industrial tenants, and increasing size requirements, says Tom Monahan, EVP at CBRE.
“It's the consumer habits, they have changed drastically,” he tells Globest.com exclusively. “The other paradigm shift is really the needs of the tenants, and that has changed dramatically, viz a vis location, last-mile location, cube, higher ceiling heights, more trailer parking, more car parking, availability of labor to support the larger building. We also see a paradigm shift in the size of the requirements in northern New Jersey, which is traditionally a market servicing the local economy, we're seeing a great deal of those requirements becoming larger than in the past.”
With third quarter leasing activity in 2016 surpassing second quarter figures by 20.9%, the New Jersey industrial market has begun approaching its carrying capacity, according to CBRE's Q3 2016 New Jersey Industrial MarketView Report.
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