The market is greatly divided today between corporations that are making major investments in new facilities to attract and retain employees in a still-to-be-determined “back to work” versus “hybrid employment” environment. The remaining part of the market is indecision of corporations on utilization of their current office footprints versus the potential of downsizing due to a work at home component. Decisions also need to be made for improvements on an existing facility, whether it be to potentially right-size or relocate to a more modern and amenitized facility consistent with the employer leaders mentioned earlier.
Owners Council Q&A: Mark Shearer
Opportunities for industrial remain along the New Jersey Turnpike corridor. Because there is a lack of available land, we feel the opportunities will come from the redevelopment of contaminated sites and demolition of underutilized office complexes, and the conversion of obsolete industrial facilities. The Port and demographics continue to drive demand for space.
