Jersey Strong: Robust Demand Keeps State’s Industries Humming

Enthusiastic about their latest project

(DGIwire) – A slogan long associated with New Jersey’s capital city—“Trenton makes, the world takes”—could very easily serve as the entire state’s slogan as well. New Jersey historically made its mark in the manufacturing industry, supplying goods around the world and jobs throughout the state, according to the National Retail Federation. Nor has the state slowed down. During the spring of 2016, e-commerce and a healthy economy helped fuel the northern and central New Jersey industrial market, reported real estate news website GlobeSt.com.

Demand for industrial space remained robust, which helped push the overall vacancy rate to a historical low of five percent, reported GlobeSt.com, drawing on data from real estate services firm Cushman & Wakefield. As a result, asking rents reached their highest level since 2000, with tenants continuing to seek out space in new, state-of-the-art properties.

A total of 11.1 million square feet of industrial space was leased in the northern and central regions of the state in the first half of the year, marking the highest mid-year total of occupancy gains in history, with the market poised to easily outpace the annual record total for 2015 of 12.5 million square feet, according to Cushman & Wakefield. UPS and Nestle Waters North America were among the largest businesses leasing space within the state in spring 2016.

Mirroring this boom in demand for industrial space, New Jersey’s unemployment rate remained below five percent, reported GlobeSt.com. Industries such as trade (which includes the interstate commerce, logistics and shipping sectors), transportation, and utilities and manufacturing have had job gains over the past year.

“With the Garden State’s business climate thriving, companies are certain to continue to search for the best and brightest to staff their organizations,” says Adam Samples, Regional President, Staffing at Atrium Staffing in New Jersey. “Faced with this challenge, many of them are likely to seek advice from firms that can ensure not only a smooth hiring process but also that human resources needs are fulfilled.”

Atrium is a talent solutions firm focused on providing contingent workforce management services for mid-size and Fortune 500 companies in nearly every industry. Atrium’s expertise includes regional Temporary and Direct Hire Staffing, national Employer of Record Payrolling, national Independent Contractor Engagement and specialty Intern Recruiting Services. With three office locations in the Garden State—Jersey City, Iselin and Little Falls—the company is well-placed to serve the staffing needs of local companies across various sectors.

“As New Jersey continues to grow, so will its workforce across many industries—and the task of connecting the right candidates to the right employers will continue to be a vital one,” Samples adds.

 

close