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NJ Q4 2022 New Jersey Under Construction Market Report

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Unprecedented occupier demand for industrial product in New Jersey continued through 2022.

Tenants searching for space closest to the Ports are contending for limited supply as record high rental rates persist throughout the State. With a limited amount of inventory, developers continued their push of delivering modern last-mile distribution centers, as record deliveries during the year boosted the full-year totals to 59 buildings, totaling 15.9 million square feet (MSF). This may be short lived as municipalities throughout the State have begun imposing ordinances to slow the spread of industrial construction, while developers may also begin to pullback due to higher capital cost and construction pricing.


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NJ Q4 2022 New Jersey Under Construction Market Report

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Felix Soto

Research Manager

Woodbridge

Felix joined Colliers International in 2014 as a Research Analyst in the Parsippany office.  Felix assists in gathering and providing market data, as well as assisting brokers in completing various research requests.   

Prior to joining Colliers, Felix worked as a Habilitation Counselor for Rutgers Biomedical and Health Science, where he facilitated and developed multidisciplinary treatment plans with case management clients.  While at the University, Felix provided crisis outreach to assist in recognizing and intervening in potential crisis situations.  Felix moved on to become a Site Manager at Easter Seals of New Jersey, where his primary focus was ensuring services were in compliance with all licensing, policies, and providing utilization and statistical information to achieve financial sustainability. 

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