Third party logistics company List Logistics has announced it would lease more than 850,000 square feet in the massive Garden State Logistics Center in Mount Olive, New Jersey, a space formerly occupied by Toys R Us. The addition of the space to List's portfolio means the industrial giant will operate more than 2 million square feet of distribution and warehouse space across the US, much of it near the ports of Long Beach and New York/New Jersey.

According to one analysis, we can expect to see more such deals as Amazon starts to scale back its presence in the industrial market.

Amazon is reportedly pulling back its industrial presence, causing angst, reconsideration and reshuffling in the warehouse space. In late May, Bloomberg reported that the recent slowdown in e-commerce sales back to pre-COVID levels left the company with a glut of industrial space, including warehouses in New York, New Jersey, Southern California, and Atlanta. Anonymous sources told Bloomberg at the time that the surfeit of space "could far exceed 10 million square feet," with one source telling the outlet that it could be triple that.