Business Services Industry
Warehouse Market Comes Alive in New Jersey's Meadowlands Area.
Knight Ridder/Tribune Business News, January, 2003
By Hugh R. Morley, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Jan. 16--The Meadowlands warehouse and industrial-space market is seeing a flurry of activity, even as the office market is stuck in the dumps, real estate agents and developers say.
Although the office market has a 16 percent vacancy rate and little construction, the warehouse vacancy rate is holding at between 9 percent and 10 percent and hundreds of thousands of square feet of new warehouse space is being built.
More than a half-dozen new warehouses have been completed or have been started in the past two years. And most of them are built on "spec" -- speculative jobs that have no tenant lined up in advance but where developers are willing to take...
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