Developers are laying the groundwork for what could be a new wave of apartment construction in downtown New Brunswick, seeking to meet the needs of potentially thousands of new employees that will come from several transformative, large-scale commercial projects that are now taking shape.
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Go inside the latest monthly issue of Real Estate NJ, the only New Jersey-based magazine dedicated to commercial real estate in the Garden State.
Owning the space: As New Jersey’s luxury housing boom continues, The Marketing Directors remains a dominant force and a key player
The Marketing Directors has become all but ubiquitous in the luxury apartment boom in Jersey City and New Jersey’s other top markets, allowing it to grow well beyond its New York City roots. It’s done so by not only providing its flagship sales and leasing services but playing an essential role for its clients during site acquisition, design and other phases of development.
Going public: New phases taking shape at The Park as Connell’s plan for resort-style, community-facing campus advances in Berkeley Heights
The Park in Berkeley Heights is entering a new phase, with its office space now fully renovated and construction underway on new residential, retail and hospitality segments that will create a new town square for workers and residents alike. And The Connell Co. has already taken steps toward opening the campus to the public — from social events to gym memberships — all with a level of branding and merchandising that is unlike what you’d find at other commercial properties in the state.
What’s old is new
As you’ll read in this month’s cover story, The Connell Co. is entering a new phase of its decade-long, $500 million update of its 185-acre campus along Interstate 78, with construction underway on new residential, dining and entertainment spaces that will create a town square for workers and residents alike. Connell has already taken steps toward opening the corporate park to the public — offering gym memberships and nighttime social events inside its renovated office space — all with a level of branding and merchandising that is unlike anything seen at other commercial properties in the state.
A new approach to housing policy where everyone wins
As New Jersey’s gubernatorial race heats up, housing remains a critical issue. Everyone agrees that we need more market-rate and affordable housing to meet demand, and there is also a consensus that housing prices in New Jersey are too high. But what can the government do differently to address these issues? Policymakers and our next governor need to acknowledge that current government policies are exacerbating these problems, not solving them.
Busy times ahead
As you’ll read in this month’s cover story, the 1.1-square-mile community is benefiting from a flurry of activity in recent years, including the completion of three projects with a combined 450 housing units and new retail space as part of a coordinated plan to revitalize its downtown. That effort is more than two decades in the making, meaning officials there are eager to continue that momentum with the balanced but collaborative strategy that has attracted new investment and outside recognition.
Optimism for CRE in the new year
Overhauling the Energy Master Plan is an opportunity for impacted stakeholders, like you, to help improve what is currently an unrealistic policy document that has done little to accelerate achieving its lofty goals. Perhaps most striking about the current EMP is it lacks an unbiased estimate of what it’ll cost ratepayers, including commercial real estate owners and tenants. Gov. Phil Murphy acknowledged this glaring omission when he announced the 2024 EMP will “seek to better capture economic costs and benefits, as well as ratepayer impacts.”
