An infusion of $21 billion in new federal spending to clean up brownfields and Superfund sites is expected to spur the remediation of hundreds of brownfields in prime industrial locations.
In addition to cleanup, the Infrastructure Investment and Jobs Act will fund infrastructure needed to access brownfield sites, increasing their value for adaptive reuse; the bill, signed into law by President Biden in November, also provides $1.5 billion to scale up community-led brownfield revitalization initiatives.
A recent NAIOP report said the tightness in the supply of industrial space in markets like northern New Jersey and Philadelphia is increasing the willingness of developers to incur the cost of acquiring and cleaning up brownfield sites.
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