Amazon’s ‘Virtual’ Success Drives Job and Real Estate Markets in NJ

NJTV News | August 3, 2017 | More Issues
The giant online retailer said it would fill 1,500 full- and part-time jobs in New Jersey — in a single day

Amazon — the industry-leading retailer — held what it called “The World’s Largest Job Fair” on Wednesday. The goal? To hire 50,000 workers full- and part-time across the country — 1,500 in New Jersey alone, where Amazon has several facilities.

Company officials said they planned on filling all the jobs in one day — “Amazon Jobs Day. And from the enthusiastic turnout, it appeared they were right on target.

“Full-time, steady employment with benefits is like the biggest key for me,” Brick resident Dan Ford said. “It costs almost $400 for me for mediocre benefits, so even if it’s only $11 or $12 an hour, benefits would be a big plus.”

But it’s not just the job market that Amazon impacts. As retailers continue to shutter their brick and mortar operations, Amazon has been driving the commercial industrial real estate market in New Jersey. Over 10 million square feet of warehouse space makes them the industry leader by far, said Mike Markey of Real Estate Services Firm Colliers International.

Markey said that while most expansions like this last for 24 to 36 months, the current cycle in the industrial real estate market is in its fifth year. E-commerce, believe it or not, is still in its infancy, and he says the status quo could be maintained, without slowing, for another three at least, which is good news for the job and real estate markets.

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