“Anytime a new entrant with the resources and experience of Amazon enters your domain, you should be concerned."

More than anything else, investors globally are nervous about the economic outlook, PGIM Real Estate's Eric Adler and Peter Hayes said Tuesday.

“Throughout Hudson County, which has been undergoing a wave of development in recent years, experienced investors have a renewed sense of enthusiasm for existing apartment buildings that would benefit from modest upgrades – mostly to kitchens and baths,” says Nicolaou.

Demand from various industries has pushed gross activity and rents up and vacancy down, and there has been an uptick in rollover from adjacent regions such as Orange County, where the market is even tighter, CBRE's Tom McAllister tells GlobeSt.com.