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There were approximately 303,656 square feet of new leases and renewals executed in the three counties surveyed (Burlington, Camden and Gloucester), a gain of about 10% over the previous quarter, says WCRE's Jason Wolf.
“Each of these Monmouth County class-B properties is poised for value-add enhancements and are among the most attractive asset class for investors, particularly since they account for almost 64% of the Central Jersey metro's total inventory,” says Gebroe-Hammer's Adam Zweibel.
This metro area has one of the lowest industrial vacancy rates in the nation, but developers and lenders currently seem reluctant to launch new projects.
“During the first half of the year, ongoing demand for strategic distribution locations helped drive rental rates to historically high levels,” says Colliers International's David A. Simon.
Underlying the dramatic changes on the national political front are seismic demographic shifts that will continue to impact not only the political scene, but also social and business issues.