Warehouses Growing, But Pace May Slow, Industry Says
April 21, 2023 | njspotlightnews.org
New Jersey’s red-hot warehouse market showed more strong demand in the last three months although may see less vigorous growth in 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.
NJ SEED: A few decades ago the cry in NJ was, “We want clean industry, no more dirty smokestack industries.” Not surprising warehouse and distribution facilities are growing in a state located between two of the country’s biggest metropolitan regions. One downside is that as warehouses grow farm land diminishes. While the growth of warehouse and distribution centers is of growing interest statewide, inviting them or restricting their access is a local decision.