June 11, 2017
Demand for industrial space keeps growing in New Jersey.
“Spurred largely by the e-commerce phenomenon, this current industrial expansion cycle is not anticipated to hit a downturn in the near future, barring any major geopolitical events,” said Charles Fern, top broker with Cushman & Wakefield.
Developers opened about 2.5 million square feet of new industrial space in Northern and Central New Jersey during the first quarter of 2017. “Of that, 65 percent is already leased,” said Fern. Currently, 9.4 million square feet of industrial space is under development in the state, much of which should be completed within 12 months, marking the highest annual new construction total since 2000.
Fern completed 39 transactions, totaling 4.4 million square feet in 2016. That achievement earned him recognition as the top industrial producer for Cushman & Wakefield nationwide.
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