Over the past year, COVID-19 had a profound impact on New Jersey’s Industrial market. Social distancing mandates has accelerated the shift toward online shopping, a trend that will likely stick and be a permanent part of consumer buying habits. This has increased demand for both distribution and cold storage space as online grocery shopping persists. As such, industrial demand has been boosted by the e-commerce and logistics industry, increasing the shortage of an already limited supply of big-box warehouses.
New Jersey's industrial market continued to benefit from a shift in consumer buying habits that resulted in a remarkable start to 2021. Leasing activity totaled a nearly record breaking 15.7 million square feet (MSF), an impressive feat considering just 4.1% of the inventory is available and without a significant lease transaction from Amazon.