State of the Market
While the pandemic suppressed activity within most sectors of the commercial real estate industry at the beginning of the year, there is no denying that increased on-line shopping spurred growth of third-party logistics and eCommerce firms, which generated significant demand within the industrial sector during 2020. With no indication that any changes in consumer shopping behavior may occur within the near future, it is fair to anticipate that robust activity in this sector will continue throughout 2021. New Jersey’s prime location, situated between New York and Philadelphia, provides access to more than 35 million consumers within a two-hour drive. Additionally, its superb access to ports and diverse labor force make it extremely desirable for occupiers, owners, investors, and developers.