ROBBINSVILLE, NJ-CoStar Group Inc. has reported that Exit 7A, which has a warehouse space of over 7.2 million square feet, is almost 48% vacant. Warehouse construction was driven by speculations during the boom period.
These warehouses have been listed for over three years now, and there seem to be no takers even though it has proximity to seaports, highway, rail and air connectivity. Jones Lang LaSalle has reported that rents have fallen by over 40% from its highs before the recession. For the full story, go to Wall Street Journal.
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