PARSIPPANY, NJ—E-commerce companies and demand for warehouses that rapidly filled spec buildings drove industrial activity, with central New Jersey market recording its second highest absorption ever while northern and central New Jersey office markets rebounded from a slow first quarter, according to Colliers International. Colliers released its second-quarter 2017 Market Snapshots, which outline key trends, transactions and expectations.
INDUSTRIAL
The northern and central New Jersey industrial market moved in line with the national industrial market's consistent recovery, absorbing six million square feet with a significant portion of that in pre-leased speculative buildings that came onto the market. Of the 10 properties totaling 3.7 million square feet of new space, 3.5 million had been pre-leased. Year-over-year availability improved 100 basis points to 6.6 percent.
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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].
