Warehouses and distribution centers in New Jersey are home to more than 760,000 on-site employees and support more than 1.35 million jobs overall, according to a newly released report, highlighting the vital role that the facilities play in the state’s economy.
Aiming high: A gleaming new office tower is Camden’s next big swing. Officials are now quietly working to get the project started.
Dreams of a building a new 25-story, 500,000-square-foot office tower in Camden still hinge on addressing several complex issues, but officials are confident in the project’s future, citing commitments from several key anchors in the city and the type of cooperation that has helped other large-scale investments in the city come to fruition.
An uneven recovery? NAIOP panelists see different paths for different asset types in 2024
The state’s industrial and office sectors both faced headwinds in 2023, but the year ahead for each asset class may be decidedly different. That was a key takeaway last week from panelists at NAIOP New Jersey’s Annual Meeting and Commercial Real Estate Outlook, who noted that demand for warehouse and logistics space has normalized after a record-breaking run during the pandemic. Office landlords, meantime, are still grappling with shrinking corporate footprints and remote work policies, further straining submarkets that are both aging and oversupplied.
