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Monday, June 18 2007 @ 10:51 AM Central Daylight Time
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An area in the New Jersey industrial real estate is showing signs of solid and stable growth, as evidenced by its jump of five places in Marcus & Millichap’s annual National Industrial Index, making it one of the hottest regions that some commercial real estate firms are setting sites on.
The 10 million square feet of industrial space in New Jersey is what prompted Cushman & Wakefield, a large real-estate firm, to pour resources in the industrial market through brokering deals in order to double its industrial real-estate transactions and increase the number of brokers focused on the industrial market by twofold.
Getting involved with projects that may not have taken precedence before can mean an increase in market shares for Cushman & Wakefield’s growing industrial team.
A director with Cushman & Wakefield, Stephen Elman, believes that in this market is a tremendous amount of revenue to be earned, which is probably why many firms are turning to this more promising source of revenue.
Senior vice president of CB Richard Ellis and a member of its New Jersey industrial team, Mindy Lissner views New Jersey as a strong industrial market, especially since it has a strategic location in the Northeast.
However, the increase in asking rents in New Jersey due to the rising construction costs may be felt by businesses who would be lured into New Jersey sites due to cost savings
Vanessa Arellano Doctor
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