Industrial market in N.J. will continue to grow in 2001.
Lack of overbuilding: Despite the fact that over 4,000,000 SF of new space was added to the market last year, most has already been absorbed. This has prompted a wave of new development that will most likely be absorbed even before it hits the market. This building-in-check will ensure that there is not a glut of space on the market and vacancies remain low.
New opportunities: Across New Jersey, with the market so strong and space availability extremely tight, new pockets are opening up and becoming industrial "hot" spots. There are still excellent land opportunities available in parts of Morris, Middlesex, Somerset and Mercer counties offering excellent development potential.
New Jersey's strategic position as an industrial hub: The underlying strength of New Jersey's industrial market lies in its strategic position between three of the most important consumer and business-to-business markets in the country: New York, Philadelphia and Washington, D.C. For this reason, along with our outstanding highway system, access to ports and proximity to several airports, the state will always be a prime spot for industrial users. Industrial no longer means just industrial: Industrial space is no longer exclusively used for bulk warehouse or distribution purposes.
Our outlook remains very optimistic about the industrial marketplace in New Jersey. Because New Jersey's industrial markets are not dependent on one industry, the state is perfectly positioned to continue to be among the hottest markets in the country.
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|Publication:||Real Estate Weekly|
|Date:||Apr 25, 2001|
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