Tri-State Industrial Midyear 2024 Report

The New York, New Jersey, and Pennsylvania Industrial Corridor region stands as one of the most pivotal hubs in the nation for warehouse and logistics operations, with New York, New Jersey, and Pennsylvania strategically situated at its center. The region covers some of the most densely populated metropolitan areas in the United States, including New York City, Boston, Washington D.C., and Philadelphia, where consumer demand for goods and products has consistently demonstrated remarkable strength over the years, despite the current headwinds.

Extending from Boston down Interstate 95 to Washington D.C., and encompassing additional areas west of the interstate, the Northeast I-95 market is home to some of the nation's most prominent logistics markets. The region derives much of its strength from its proximity to the Port of NY/NJ, which ranks as the busiest port on the entire eastern seaboard. Notably, 60 million people reside within a five-hour drive from the Port of NY/NJ, constituting a substantial 18.0% of the national population.

Further underscoring the region's significance is its robust economic power, characterized by an average household income of $128,159, surpassing the national average by 19.8%. This heightened purchasing ability is compelling evidence, prompting major retailers to enter and expand their operations within this market. They seek to harness the region's affluence, driven by the population’s disposable income and persistent demand for next-day and same-day merchandise deliveries.