NORTHERN NEW JERSEY HOT MARKET FOR INDUSTRIAL PROPERTIES
Demands of e-commerce put a premium on warehouse and distribution facilities with last-mile delivery capabilities. “ Northern New Jersey’s proximity to New York City and central location between Boston and Washington, DC. put it at the center of a major transportation corridor. . . .The amount of goods passing through the Port of New York and New Jersey – the busiest container port on the East Coast – increased nearly 87 percent between 2012 and 2017.”
“Industrial space in New Jersey had a vacancy rate of just 3.3 percent in 2019’s second quarter with an average asking rent of $9.27 a square foot, according to Cushman & Wakefield. The asking price per foot marks an all-time high and a 9.8 percent increase year over year.
For more information, see The Read Deal, winter 2019 and summer 2019 issues.