Industrial occupancy rates stabilize in region

According to new research from Colliers International that examines the global shipping trade’s varied impact on industrial property fundamentals in the nation’s ten largest seaports, industrial occupancy rates for commercial space in and around the New York City and New Jersey property markets appear to have stabilized. Based on their total combined square footage of existing commercial space, the ports of New York City and New Jersey represent one of the largest shipping hubs on the East Coast. “As global economic growth continues to gain momentum in coming months and years, we expect to see demand for industrial space follow suit throughout our region,” said Joseph Caridi, executive vice president for FirstService Williams, which will become the tri-state region’s branch of Colliers International at the end of April. TRD