New Jersey, NJ in the news
E-Commerce Growth Causes Industrial Development to Double in Last Decade
While Chicago was the main site of The Northeast U.S. region saw industrial deliveries spread across several competing markets. Among them, the New Jersey industrial market stayed ahead in terms of development for the first half of the 2010s, with a total of 56.8 million square feet added to the market between 2012 and 2021. A gradual slowdown from the market’s peak in 2017 allowed other markets to pick up the slack.
72 Years of U.S. Industrial Real Estate: 3-City Race for Top Spot, Development Favors Sprawling Metros
In 1950, the heaviest weight of the U.S. industrial market was concentrated in a handful of markets. Specifically, industrial space in Chicago amounted to roughly 88 million square feet for the largest industrial real estate market in the country. Meanwhile, Philadelphia was second-largest with nearly 79 million square feet of industrial property, while northern New Jersey — home to 75 million square feet — was a close third.