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Occupiers “pay up” to be near skilled labor
- Labor scarcity in key markets across New Jersey is the result of increasing demand for warehouse and distribution space and has increased pressure on margins in the form of higher hourly costs per employee.
- The tradeoff between real estate pricing and labor costs/availability is complicating industrial site selection.
- Densely populated Northern New Jersey locations provide abundant sources of labor in close proximity to industrial submarkets.
- However, rental rates for Class A space can be nearly double that of options further south along the New Jersey Turnpike corridor.
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