Newspaper article The Record (Bergen County, NJ)

Strong Third Quarter for N.J. Industrial Market

Newspaper article The Record (Bergen County, NJ)

Strong Third Quarter for N.J. Industrial Market

Article excerpt

The boom in e-commerce and the growing presence of logistics companies in New Jersey, as well as the need for quick product delivery to the region, led to a strong third quarter for the northern and central New Jersey industrial market, according to new data from Cushman & Wakefield.

The real estate services firm said demand did not reach the high levels of the previous two quarters of 2016 -- likely because of the lack of available quality product -- but leasing for industrial space is expected to remain healthy for the rest of the year.

"The need for modern and quality warehouse space, particularly along the New Jersey Turnpike, should offset much of the construction deliveries and dispositions in the near future," said Andrew Judd, Cushman & Wakefield's New Jersey market leader. "The northern and central New Jersey warehouse market is in no immediate danger of becoming overbuilt. …

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