“No warehouse is needed in every town,” he said. “We need to keep our warehouses away from our best farmlands, our best soils. Covering those lands with warehouses will permanently lose all their agricultural value.”
Throughout the Greater Philadelphia market, warehouses occupy 11.3 million square feet of industrial space currently under construction, or almost all of it, the report said.
Thousands of jobs
The warehouse construction boom has created thousands of jobs and has helped the logistics sector contribute to the New Jersey economy. But it also created strong opposition in some communities where residents feared that local roads would be blocked by truck traffic and the rest of the countryside outposts would be industrialized by huge buildings.
Critics have filed proceedings against several local governments to allow the construction of warehouses-often on previously undeveloped land-and in warehouse applications before approving the project. A bill has been introduced in Congress calling for the support of the communities adjacent to the towns it faces.
Burlington County is called “one of the country’s most desirable industrial markets” because of its proximity to major cities in the northeast, such as New York City, Philadelphia, and Washington, DC, according to the new report.
Market-wide average asking rents fell from $ 8.22 in the second quarter to 7.33 sq ft, and total area under construction fell from 14.3 million sq ft to 12.1 million sq ft, both of which are recent statistics. It does not suggest a slowdown in the pace of rapid growth. Jared Jacobs, the author of the report, states that he is responsible for warehouse development.
“Currently, the demand is very strong,” Jacobs said. “New construction is released or leased at the time of delivery,” he said, with the slowdown in construction growth reflecting 1.1 million square feet completed in the last quarter.
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Mike McGuinness, chairman of the New Jersey branch of NAIOP, an industry association in the commercial real estate industry, agreed that there are no signs of new data on the cooling of the market.
“Supply is not starting to keep up with demand,” he said. “In fact, delivery is delayed due to delays in new construction due to lack of available land and supply chain issues.”
South Jersey warehouse demand surges again
Source link South Jersey warehouse demand surges again