Despite the ongoing covid-19 pandemic, the logistics industry has performed remarkably well and facilitated the economy to stay afloat. As online sales continue to rise, it will also continue to drive the New Jersey metropolitan industrial market, it’s rental rates, footprint, etc. This will continue through 2021 and beyond.
It should come as no surprise that in light of COVID-19 related closures, e-commerce has become an ever more integral part of our daily lives. Retailers of household goods, groceries, essential items, as well as non-essential, have in trial by fire fashion been required to provide appropriate infrastructure to ensure said goods are made available for consumers nationwide. This not only requires robust technological platforms, but sophisticated distribution networks including delivery services and warehousing in near immediate fashion.
For the foreseeable future, it seems industrial will remain a hot market segment especially in areas that have high demand and limited land supply. As our society becomes more dependent on technology, so does the need for distribution centers and warehouses. It is important for big companies such as Amazon and Zappos, to have footprints in areas to service densely populated urban areas such as NYC.