By Jon Hurdle, NJ Spotlight
New Jersey’s red-hot warehouse market showed more strong demand in the last three months although may see less vigorous growth in the future if the economy slows and curbs on the industry are imposed by state lawmakers and local officials, according to industry analysts.
Data for the first quarter of 2023 from the real estate firms Newmark and Cushman & Wakefield showed that rents rose again for warehouse space throughout the state, reflecting continued strong demand despite the addition of millions of square feet of new space becoming available.
Almost 12.5 million square feet of industrial space — a category that consists mostly of warehouses — was under construction statewide in the quarter, well ahead of the 3.7 million square feet where construction was completed during the period, according to the Cushman & Wakefield report.
The new data shows a market where growth is moderating from its breakneck pace spurred by the COVID-19 pandemic but still shows strength, the company said.
If you liked this post you’ll love our daily environmental newsletter, EnviroPolitics. It’s packed with the latest news, commentary, and legislative updates from New Jersey, Pennsylvania, New York, Delaware…and beyond. Don’t take our word for it, try it free for an entire month. No obligation.
