New Jersey Industrial Developers Discuss Land Acquisition Challenge at CAPRE’s I-REV

JERSEY CITY, NJ – There are many ingredients to the industrial recipe in New Jersey, but one may be the most critical catalyst – construction. Not surprisingly, “Industrial Real Estate Construction & Development: What Will the Future Asset Look Like and Why?” was a seminal panel at CAPRE’s Industrial Real Estate Revolution in Jersey City, featuring five leading and highly active movers and shakers from across the Garden State, each offering a unique perspective on how things have changed and where product is headed next. Moderator Michael Nachamkin, Managing Partner at Metrix Real Estate Services kicked off the panel discussion with a query for panelist Jesse Harty, Senior Vice-President & Market Officer for Prologis. “Jesse, what is different about the business today compared to five or ten years ago?” he asked. “It’s a lot harder to find land sites,” replied Harty, with little delay. “People are going further south and people are going into the boroughs. We’re buying 30,000 square foot buildings in the boroughs and we’re buying 30,000 square foot buildings in the Meadowlands. And we’re focused on larger buildings as well. We’re building a 913,000 square foot building down at Exit 6 – a market where until they did the New Jersey Turnpike extension, a lot of people didn’t do anything there. A lot of people have followed that. People are also going further west into the Lehigh Valley in New Jersey. The geographies are definitely spreading out…