3Q 2018 Market Report for Northern New Jersey Industrial Market

Overview:

New Jersey has a multifaceted economy with major focuses in the pharmaceutical, financial, chemical development, telecommunications, food processing, electric equipment, printing, publishing, and tourism industries. Shipping is also a key industry in New Jersey due to the state’s geographic location. The Port of New York and New Jersey is the busiest port on the east coast; port volume to date is up 6.8% year over year. The eCommerce industry is thriving in New Jersey and requires a large amount of industrial warehouse space. Employment in this sector has surged by 18,700 jobs over last year, the most of any sector in the state. This industry shows no signs of slowing down and accounts for $123.7 billion nationally. New Jersey’s healthy local economy has also allowed transportation and warehousing jobs to grow.

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