New Jersey has seen a spike in demand for warehouse space in recent years. Much of this is being fueled by the growth of online shopping. Almost 7.8 million square feet had been added by the
Shipments at H&M Terminals Transport warehouse in Kearney, N.J., shown in 2015. PHOTO: RICHARD DREW/ASSOCIATED PRESS
third quarter of this year and it is expected it will reach 11.2 million square feet before the end of 2017. Rents have been steadily rising each year, reaching a record high of $6.64 in the third quarter of 2017. The expectation is demand for space will continue to grow and as it does so will rents.
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