Originally posted on Rebusiness Online
Demand for industrial space continues to surge throughout New Jersey and eastern Pennsylvania, prompting developers to undertake more projects on a speculative basis and avail themselves to the classic mantra of “If you build it, they will come.
For the last several years, the pricing and availability of land has represented the largest barrier to entry and growth in the Mid-Atlantic industrial market.
“It’s tough to find sites of 100 acres or more that are located near major highways, have all the utilities and infrastructure hooked up and are zoned for industrial,” says Peter Polt, executive vice president at J.G. Petrucci Co., a developer based in Lehigh Valley.
“So, we’re starting to see more requirements for Delaware and northern Maryland, as well as more creativity in the form of conversions of old office buildings, retail centers and malls to meet demand for industrial space.”