Report: Incentives play part in more than half of industrial space being built in N.J.
By Joshua Burd
August 7, 2013 at 1:58 PM
New Jersey has 5 million square feet of industrial space under construction — and more than half of it is being driven by state incentive programs, according to new research from the brokerage firm Jones Lang LaSalle.
The statistic is proof that such programs are helping spur economic activity, but it’s also a sign that delays in an effort to overhaul those incentives are causing developers to hold back on new projects.
In its second-quarter industrial outlook, JLL said “developers and landholders at the port and nearby submarkets may be in a ‘wait and see’ mode” — while the overhaul is debated in Trenton — as speculative projects remain available “despite considerable interest from prospective tenants.”