Attendees at the recent Northern New Jersey meeting had a lot to discuss with guest speaker, Adin Perera, Market Analyst from CoStar Group. Adin covered a variety of metrics covering all building types across Northern New Jersey. Of specific interest was the continued strengthening of the industrial market, fueled largely by the growth of e-commerce/distribution and the regions’ proximity to the ports and adjacency to high-demand markets. Accordingly, construction is highest in the logistics market, but rent growth, even in the worst submarkets is still in the 6-7% range.

On the investment side of the industrial market, the attendees discussed the recent acquisition of GLP’s 179 million square feet of US logistics assets from Blackstone for a record $18.7B. One unique element of this transaction was that a portion of this portfolio, known at the time as Indcor, was originally sold by Blackstone in 2014 to GIC (who is the partner with GLP in this fund); that portion of this ‘reacquisition’ is tagged at roughly $12B, highlighting the continued strengthening of the industrial market.