Which means there should be plenty of opportunities for the real estate community, if only lack of sites and development regulations weren't getting in the way. Still, new construction is happening - such as First Industrial Realty Trust's two new projects in Sayreville, Middlesex County, and Franklin Twp., Somerset County. The two projects will add a total of more than 200,000 sf to the landscape, and First Industrial is hedging its bets: the projects are being developed as flex space. Chicago-based first Industrial has its NJ operations based in Livingston.

The first project is at Sayreville Business Center and consists of two 62,000-sf flex buildings, according to Hayden Tiger, First Industrial's regional director. The first building will be ready early next year, according to Tiger. Both buildings are designed for specialized tenant requirements, including light assembly, light manufacturing or distribution.

And adjacent to its Worlds Fair Center in Franklin Twp., First Industrial is developing the 150 Pierce Drive building, totaling 72,000 sf. It's adjacent to the recently-completed 155 Pierce and 20 Worlds Fair Drive properties, two spec buildings totaling 75,000 sf with only 5,000 sf still left. The new facility will be similarly designed as flex space for a variety of tenant uses.

"Because vacancies are at historic lows in this market, and these two properties are located in the very strong Middlesex and Somerset county markets, we expect that demand will be strong," says Tiger. "These two developments are part of our ongoing active industrial development effort."

Nationally, First Industrial owns, operates and manages some 75 million sf of industrial facilities.