From NJ Spotlight News:
Warehouse vacancies rise, fueling claims of an overbuilt market
Warehouse vacancies in New Jersey are on the rise, as supply outpaces demand and community groups continue to fight the explosive growth in new construction.
The vacancy rate for warehouses and other kinds of industrial real estate in northern and central New Jersey rose to 5.3% in the second quarter of 2024 from 4.8% in the first quarter and 2.5% in the second quarter of 2022, according to data from Newmark, a real estate company that monitors the market.
Those numbers are more than twice as high as they were two years ago, leaving more than 36 million square feet of industrial space available in north and central Jersey. The figure rises to almost 53 million vacant square feet when the survey adds space that is available for sublease by tenants who are looking to downsize or reduce the amount of space they occupy.
Newmark called the increased vacancy rate a “substantial shift,” and attributed it to a slowdown in leasing activity and an increase in the delivery of available properties in 2023. Despite the higher vacancy rate, asking rents rose to a record-high $17.01 per square foot, an increase of 9.5% over the previous year, reflecting an increase in the construction of top-class industrial space.
One example of the warehouse construction boom is seen in Hamilton Township, Mercer County, where at least nine industrial spaces totaling more than 850,000 square feet were available for lease on Sept.20, according to commercialsearch.com, a website for commercial real estate. At least three of the properties were built in 2023 or later.
…
The new data fuels claims that the warehouse market is overbuilt, and that developers are continuing to construct the giant buildings, some of which are built before tenants have committed to occupation, regardless of market demand, and despite strong opposition in some communities.
Tim Brill of the New Jersey Conservation Foundation, a critic of the rising presence of warehouses in the state, said the apparent oversupply is primarily driven by too many warehouses being built speculatively, but that supply keeps being added even though some new buildings remain empty.
“This is a way overbuilt market,” he said.
Frist
Second, that’s why I try harder!
It’s a German holiday today, Tag der Deutschen Einheit. Please drink a beer or two and think of German unity!
I could not believe the size of some of those warehouses being built south of exit 10 on the NJT when down that way last year. Still being built. And for those familiar with the Charlotte Circle portion of Jersey City, they replaced a long-standing, coal-burning power plant with a massive warehouse complex. I grew up not far from that plant. And then recently, taking the train into Hoboken from outer whitelandia, I watched as the coal supplies dwindled and then the finality of the plant as it ceased operation by 2017.
Here’s the history of it: https://en.wikipedia.org/wiki/Hudson_Generating_Station
I paid a visit to Costco. Nothing like a little toilet paper panic in October. All stocked up for Cabbage Night/ Goosey Night……
Via CNN..
“Shelves at Costco & Target running low or out of paper towels in Monmouth County NJ,” posted another X user. “Seeing people buying TP & water too in reax to port strike. Costco employee told me they were sold out of TP/paper towels this am.”
https://www.cnn.com/2024/10/02/business/toilet-paper-shortages-port-strike/index.html
Nothing like a little toilet paper panic in October.
Gives new meaning to the term, “October Surprise.”
Also purchased the greenest bananas I could find at Whole Foods last night. There will be no bananas in about a week..
Media and other democratic surrogates have been picking on Harold Daggett, the president of the International Longshoremen’s Association for the timing of the strike before the election. I hear the term mob boss used. Is he really some kind of self styled Tony Soprano?
He does hail from New Jersey, and has a mansion in Sparta and is/was a Biden supporter and they mostly donate to the democratic party.
https://nypost.com/2024/10/02/business/harold-daggetts-sprawling-nj-mansion-has-bentley-5-car-garage-and-guest-house/
I hear the term mob boss used. Is he really some kind of self styled Tony Soprano?
Some of his posse interviewed by reporters sound like Silvio Dante. ;)
Fugheddaboudit.
Let the Cretin of Blue Screen of Death and his f’n AI dream (that by the way keeps reloading on any IBM computer after removal) use his own money to pay for this.
What is 1.6 billion to a guy like Gates, and why should taxpayers fund his f’n nightmare, and why are they likely to approve it? Cause everything he gathers will be then given to those that will take away the fake azz freedoms you think that constitution gave you.
Wave the flag, you are about to purchase a Nuke Reactor for Bill Gates. I hope thing blows up the minute it starts, that would actually be humane.
The owner of the shuttered Three Mile Island nuclear plant is pursuing a $1.6 billion federal loan guarantee to help finance its plan to restart the Pennsylvania facility and sell the electricity to Microsoft to power data centers, according to details of the application shared with the The Post.
The taxpayer-backed loan could give Microsoft and Three Mile Island owner Constellation Energy a major boost in their unprecedented bid to steer all the power from a U.S. nuclear plant to a single company.
3b, from yesterday, thanks for sharing.
Here is what we are seeing about Haitian immigrants: Many Haitians came into the country under a Biden-Harris administration parole program that gives permission to enter to vetted participants with US sponsors.
DJT says he will deport them. Period. Aside from being not ethical and the fact that it will face challenges, it is a slipper slope. Foreign students right after their studies (they come with a declaration that they don’t intent to stay back in the US, but can when and if they get a H1/J1/O1 or similar visas)? Not going to end well for those Haitians or others.
Not going to end well for those Haitians or others.
What are they going to do about it? It’s not like they have any ballistic nuclear missiles in Haiti.
Leverage, it’s always leverage. Not morality.
Juice: Chunky gold medallion around his neck, definitely a mob guy! His comment about crippling was incredibly ignorant. No surprise why American who are not in unions which is the majority, have no sympathy for unions.
Juice Box says:
October 3, 2024 at 7:42 am
“I paid a visit to Costco. Nothing like a little toilet paper panic in October.”
I never realized that TP was an imported commodity, although certainly doesn’t surprise me. In any case, that might represent a new opportunity for Israeli secret service; imagine the carnage they could inflict on their foes via exploding TP.
re: “vetted participants with US sponsors”
Comical…..DHS had to pause travel authorizations for parolees due to fraud. There are a 1/2 million people they flew in and many were not eligible but got in due to the fraud. Also none of this is authorized by Congress.
I am all for legal immigration. We have plenty of people who wait their turn, and do not commit fraud when they enter legally.
LOL!
https://tinyurl.com/yesbp3mp
They take in Billions from the government, then provide what users say is lousy service. Pocket the difference. Capitalism at it’s finest.
Shares of Humana plunged Wednesday after the company revealed in a filing to the Securities and Exchange Commission that only 1.6 million people — about a quarter of its members — are signed up for Medicare Advantage plans rated four stars or higher for 2025. This year, 94 percent of its members are enrolled in them.
Humana attributed some of its woes to a pending ratings cut to a plan accounting for 45 percent of its Medicare Advantage membership, citing preliminary data released by CMS on Tuesday that said the plan’s rating is slated to fall from 4.5 stars to 3.5 stars in 2025.
The lower rating for its primary Medicare Advantage contract could take a big bite out of Humana’s earnings in 2026 because it risks falling below the level that nets the company a government rebate. Such bonuses will total at least $11.8 billion in payments to insurers this year, including $2.5 billion to Humana, KFF estimates. That is roughly equivalent to Humana’s total net income for 2023.
Biggest mob is the police union.
3b says:
October 3, 2024 at 9:13 am
Juice: Chunky gold medallion around his neck, definitely a mob guy! His comment about crippling was incredibly ignorant. No surprise why American who are not in unions which is the majority, have no sympathy for unions.
3b – re: “incredibly ignorant”
Nah the automation robots are an existential threat. They have every right to make demands and want concessions in their contracts and go on strike.
It matters not in the long term they will automate the jobs away, they expect in the Long Beach CA port to go from 8,000 union members to 800.. That 90% decrease in human workers that is happening right now.
Here is a 2 minute watch on the latest port robots being deployed now across the world. No worries you will get your bananas and imported wine the robots will see to it.
https://www.youtube.com/watch?v=Eh4I7f5qydo
You take care of that thing? You know… the thing, the thing.
https://www.reddit.com/r/wallstreetbets/comments/1fum006/knee_capping_the_supply_chain_like_a_bookie_is/
Here is another robot unloading trucks. I did this as a teenager in the summer. My mother got me a job at the warehouse for the company she worked for at the time. I spent my summer pulling heavy boxes off of trailers and loading them onto pallets for like $4 an hour.
No worries the robots will make sure you get your stuff on time.
https://www.youtube.com/watch?v=D-gJftL4Jhk
Juice,
I drove forklifts and emptied trucks for my college money from high school through college. That area by 8A on the turnpike is loaded with them. Lots of cosmetics and pharma warehouses. I worked in at least 20 different facilities and the largess at the drug warehouses was unreal. In house cafeterias with dirt cheap pricing. Gyms. On site day care and medical clinics. Even branches of banks right in the facility. Somerset has a ton of them as well.
As for TP, it is not imported. The masses are asses.
Ever wonder how the users of our exports are going to react to the strike? Haven’t heard a peep about it. As for it being politicized, the timing is suspicious, though it might not be partisan in nature. The story of the friendship between the head of the Union and Trump is mostly bullshit. But to not strike for 50 years and then choose a month before the elections? As for whether or not they are mobbed up? A quick Google search will reveal hundreds of politicians who failed to get the mob out of the container import business. Lots of those politicians gave up due to death threats, jury rigging, etc. The mob controls Port Elizabeth. Always have. Always will.
Gary, I commuted in on the old NJT line to Hoboken for decades and was always fascinated by that coal burning plant. They brought the coal in by barge. Those piles were huge. Was neat to see how high those piles would get before the start of winter. They said the amount of asthma in the children of Jersey City was astonishing. That’s why the plant closed. I am not surprised. I swear, they only ran that plant at night because the amount of dirty smoke that came out the stack was simply incredible. I played a lot of late hockey games in Bayonne and Jersey City and would drive past it and always wondered why it never seemed to run during daylight. I think it was a huge dirty secret. Good thing it closed.
U.S. officials are growing concerned that giant Chinese-made cranes operating at American ports across the country, including at several used by the military, could give Beijing a possible spying tool hiding in plain sight.
Yeah, right.
That’s the excuse they are using to replace humans with Robots. It’s the Chinese.
Nothing this government says is honest.
Need to buy a robotic Chex Dispenser. Anyone know where I can get one?
Asking for a friend.
Fast Eddie says:
October 3, 2024 at 9:21 am
You take care of that thing? You know… the thing, the thing.
Hey as f’d up as he is the man is trying to keep food on the table for the men who work there.
Can you just imagine that guy at home with his wife ragging on him for hours to get a job when he just got laid off 3 days earlier because a robot replaced him? Goes something like this:
Karen: ” I can’t stand looking at you on the couch you lazy bum. Go get a job. All you do is sit here and mope around. I don’t care if your 55 with bad knees if you don’t get a job by Friday I’m taking the kids and divorcing you.”
NJ– The New Florida. Hehe
A New Jersey woman is facing federal charges for trying to smuggle more than 26 pounds of marijuana disguised as Christmas gifts into the U.S. Virgin Islands, authorities said.
10:18 not everyone marries a loser.
Greetings from the University of Notre Dame!
Introducing no loan financial aid offers and need-blind admissions policies for all undergraduate applicants starting fall 2025.
Scholarships, grants, and work-study options will cover 100% of demonstrated financial need. No loans will be included in your financial aid offer.
Need-blind admission is extended to all students, domestic and international. Your financial situation is not considered when evaluating your application for admission.
Pathways to Notre Dame makes a transformative Notre Dame education even more affordable and accessible.
Are there any Need-Blind colleges in NJ besides Princeton U?
Need blind is just relative to the admissions process. A school can be need blind, let the kid in, but give a paltry aid package. So it is really an empty admit, or a bait and switch in a sense. It does sandbag their yield if they do it, but they get to use the “need blind” halo.
Your real question is need blind with an endowment that they are willing to put to work.
Alternatively, NJ state schools are a good deal because the cost is way lower.
11:06 all of that AND football Jesus.
Great school.
LAX is now….FTW
Oh yassssss
Seeing people buying TP & water too in reax to port strike.
Why on earth are people stocking up on water???
FTW?
Flatulating Tattooed Weirdo?
LAX says:
October 3, 2024 at 10:58 am
10:18 not everyone marries a loser.
Your wife sure did. But she is probably screwin around anyway.
Longshoreman boss is a NJ guy – Sparta – it all makes sense now.
F*ck you, pay me.
Here is the NY times today now adding more heat on 78 year Harold Daggett, a third generation dockworker.
“Nearly two decades ago, Harold J. Daggett was accused of being part of the mob’s efforts to control a powerful union, the International Longshoremen’s Association.”
“questions about organized crime’s influence on the I.L.A. have never been fully resolved.”
https://www.nytimes.com/2024/10/03/business/economy/port-strike-union-leader-harold-daggett.html
Juice: Just because they have the right to strike, does not give Daggett the right to be an arsehole. I thought the first offer of a 40 percent increase was generous, but Daggett said it was insulting. Seems like a stupid move on his part. As for promises not to automate away jobs, how can you possibly guarantee that. Peoples jobs in the white collar world have been outsourced and automated, and now AI is replacing more jobs. People will not be sympathetic to their demands.
3b says:
October 3, 2024 at 1:42 pm
“Just because they have the right to strike… I thought the first offer of a 40 percent increase was generous…”
The port operators should just start hiring hordes of Joe’s illegal aliens as scabs — hasn’t the admin has been begging for companies to hire them? True, most of them will be wiped out as they try to cross the picket lines, but if they hire enough, some are bound to get through.
Question for the stooges, the port strikes count as another one of the Harris/Biden admin’s ‘accomplishments’ — along with the Israel/Hezbollah and soon-to-be Israel/Iran wars — right?
12:14 ( )( )====D – – – – FTW – – –
Meanwhile….
Donald Trump is clearly not happy about the release of a bombshell 165-page motion Wednesday filed by Special Counsel Jack Smith which lays out a sprawling timeline of how the former president attempted to claw his way back into power after losing the 2020 election.
Trump initially laid out his case in various Truth Social posts later on Wednesday, claiming the unsealing of the document was another Democratic plot.
He then repeated many of those claims in an almost-two-minute rant with NewsNation Wednesday night, in which Trump bragged about winning the classified documents case in Florida, described Democratic opponent Kamala Harris as “more incompetent than Biden,” and claimed the accusations within the document are “nothing new.”
Cont’d
n his first response to the documents, the former president wrote: “The release of this falsehood-ridden, Unconstitutional, J6 brief immediately following Tim Walz’s disastrous Debate performance, and 33 days before the Most Important Election in the History of our Country, is another obvious attempt by the Harris-Biden regime to undermine and Weaponize American Democracy, and INTERFERE IN THE 2024 PRESIDENTIAL ELECTION.”
“Deranged Jack Smith, the hand picked Prosecutor of the Harris-Biden DOJ, and Washington, D.C. based Radical Left Democrats, are HELL BENT on continuing to Weaponize the Justice Department in an attempt to cling to power.”
Trump claimed his name is “dominating the Election cycle” and “leading in the Polls,” claiming the “Radical Democrats throughout the Deep State are totally ‘freaking out,’” without saying who he was quoting. “This entire case is a Partisan, Unconstitutional, Witch Hunt, that should be dismissed, entirely, just like the Florida case was dismissed!”
Trump then accused the Democratic party of being “guilty of the Worst Election Interference in American History” and of “Weaponizing the Justice Department against me because they know I am WINNING, and they are desperate to prop up their failing Candidate, Kamala Harris.”
He then raged against the Department of Justice and claimed in another post, “I didn’t rig the 2020 Election, they did!”
The unsealed documents in Trump’s election subversion case, made public by the presiding U.S. district judge Tanya Chutkan, is not a good look for Trump if the damning trove of allegations are to be believed. Included are Trump’s reaction to the news that his vice president, Mike Pence, had been safely moved to a secure location within the U.S. Capitol (“So what?”) and how Trump allegedly told wife Melania and daughter Ivanka, “It doesn’t matter if you won or lost the election. You still have to fight like hell.”
Oh Trumpy…Oh Trumpy….someone please elect this honest man President again.
Make America Great Again, amirite?!??
Violence in the Middle East, Ukraine/Russia, crime, $650 million to house and feed illegals in 2024, South East U.S. in ruins and a major labor strike… all while Mamala pretends she’s on a call and writing on blank paper. At least put a laptop in front of her if you want to fake it.
Why do liberal politicians always wait to read the consensus before acting? Why are they always reactive? Why is their compassion so fake that it becomes a laughable meme? And are liberal females angry because they’re ugly or ugly because they’re angry?
In the latest from Newsmax, Harris caused the Hurricane and bad weather did not occur under Trump.
Because of the wonderful things he does!!!! MAGA FTW
Lib: And Rachel Maddow said the debate was not fair, because Vance is a trained debater. So that’s a problem, unless of course it was the other way around. All the media lies, even the “good guys” who support Harris and the Democrats.
This is a Christian Nation, let’s take it back / MAGA
Did Donny lose 9,000 auto mfg jobs and close 9 plants ?
M A G A ….
Compromise reached on dock strike. 62 percent over 6 years.
Retail store associates have no shot at a raise for the next 6 years.
A rising tide lifts all ships.
Company hired to replace dangerous lead pipes in Newark faked $10.2M in work, feds say
https://www.nj.com/essex/2024/10/company-hired-to-replace-dangerous-lead-pipes-in-newark-faked-102m-in-work-feds-say.html?utm_source=twitter&utm_medium=social&utm_campaign=njdotcom_sf&utm_content=nj_twitter_njdotcom
oh look, more money vaporized
hey now, 62%, I guess some people are making gains in real wages
“Hurricane and bad weather did not occur under Trump.” He moved the path of the Hurricanes with his Gold plated Sharpie.
F around and find out. This one was run over by the Karma bus.
Kyle Clark @KyleClark
In March, I asked Tina Peters whether she and/or Donald Trump would be in prison in a year or two. She laughed and said if she thought she was going to prison she’d be relaxing on a beach somewhere. Today, she was taken into custody to begin a 9-year sentence. #copolitics
https://x.com/KyleClark/status/1841924673199866265
For Kyle: https://youtu.be/iICDCj-qOEU?si=cKruGl_8gqrGT3zt
Strike is over. Ebay flooded by toiletpaper listings.
BREAKING:
Myorkas said FEMA has no funds for the hurricane disaster. He said they used the money to feed and house the illegals. He said it. You thought Bush’s Katrina was bad? The Joe/Cumella administration said, “Hold my beer.”
“Department of Homeland Security Secretary Alejandro Mayorkas told reporters Wednesday that FEMA does not have enough funding to last the rest of the year even as it has spent hundreds of millions of dollars on migrants under the Biden administration and more hurricanes could be on the way.
DHS oversees FEMA, putting Mayorkas in charge of the emergency relief agency which has recently been focused on helping migrants settle in the U.S.
“We are meeting the immediate needs with the money that we have,” Mayorkas told reporters. “We are expecting another hurricane hitting. FEMA does not have the funds to make it through the season.”
“In April of this year, FEMA announced $640 million in new funding, $300 million for “direct funding” to help immigrants settle in the U.S. while the other $340 million went to cities via grants for the same purpose.”
Holy shit!
Storm damage is 120 billion. FEMA can never cover storms like this. Everyone will get paid. Even those who experienced no damage. This is America!
Sorry, 34 billion, though it will probably go way up from here. None the less, will probably be the most expensive storm to hit us ever. If you recall with Sandy, it took well over two years for a lot of families to get paid.
LGM. Holy Mets.
That was then, this is now. This is what Obama said right after Sandy
Obama said he wants people affected by the storm to know “America is with you; we are standing behind you; and we are going to do everything we can to get you back on your feet.”
“Obviously, this is something that is heartbreaking for the entire nation,” he added.
The president praised the coordination between federal, state and local officials and instructed the federal agencies not to say why they can’t do something but to figure out how they can. “No bureaucracy. No red tape,” he said.
This admin is like “sorry, we already spent the money on something else”. Here’s $750, probably less than your income taxes for the month.
Biden already forgot about the storm
https://x.com/JohnCremeansUSA/status/1841997276006515115
As a presidential candidate in 2015, Donald J. Trump declined to release his medical records, instead offering a four-paragraph letter from his personal doctor proclaiming that he would be “the healthiest person ever elected to the presidency.”
In 2020, when he was hospitalized with Covid and running for re-election, Mr. Trump’s doctors gave minimal information about his condition, which, it emerged later, was far more dire than their public descriptions let on.
In 2024, days before becoming the official Republican presidential nominee for the third time, he was grazed by a would-be assassin’s bullet, yet his campaign did not hold a briefing on his condition, release hospital records or make the emergency physicians who treated him available for interview.
Now, just over a month from an election that could make Mr. Trump, 78, the oldest person ever to serve as president (82 years, 7 months and 6 days when his term would end in January 2029), he is refusing to release even the most basic information about his health.
If he wins, Mr. Trump could enter the Oval Office with an array of potentially worrisome issues, medical experts say: cardiac risk factors, possible aftereffects from the July assassination attempt and the cognitive decline that naturally comes with age, among others.
Age became a major point of concern for voters weighing the capabilities of President Biden, and a poor debate performance that showcased him struggling to articulate sentences ultimately forced him to withdraw from the race. Suddenly facing an opponent nearly 20 years his junior, Mr. Trump told CBS News in August that he would “very gladly” release his medical records to the public, saying he had recently had a medical exam.
The most detailed overview of Mr. Trump’s health to date came in January 2018, when the White House physician, Dr. Ronny Jackson, briefed reporters after Mr. Trump’s first physical as president.
His blood pressure (122/74) and an ultrasound of his heart were normal, but his cholesterol was worryingly high and his body mass index put him just 0.1 points below the threshold for medical obesity.
Even though Mr. Trump was taking a statin, a drug used to lower cholesterol levels to well below 100, his LDL cholesterol was still 143 — so high that some outside cardiologists worried about his potential for a heart attack or stroke.
Dr. Jackson said that Mr. Trump was 6-foot-3 (an inch taller than what was written on his driver’s license) and 239 pounds. A year later, his weight had risen to 243 pounds, the White House physician reported, making him officially obese.
Image
METS WIN!!!!!
( )( )====D – – – –
Give them a few days. They’ll get paid. Politicising this at this point is just silly.
And what a great job Biden did to end the port strike. See how silly it all is?