Renters have flocked to a new luxury apartment building in Hawthorne — the first of its kind for the midsized borough just north of Paterson — part of a distinctive mixed-use development that also has an on-site Planet Fitness and CubeSmart self-storage facility.
When it comes to fitness tenants, think smaller. That’s the mindset at shopping centers and downtown locations throughout New Jersey, as specialty fitness studios are increasingly finding favor with owners and customers.
BDP Holdings has unveiled plans to bring new high-end office space to Montclair as part of a 130,000-square-foot ground-up project, seeking to capture the growing demand for space in downtowns that are easily accessed by the state’s skilled suburban labor pool.
As you’ll read in this month’s cover story, the city of New Brunswick ended 2023 on a high note when Nokia announced that it would become the new home of its iconic Bell Labs division. The company, which will move from its historic campus in the Murray Hill section of Union County, plans to occupy a built-to-suit, 360,000-square-foot research tower at the new HELIX campus by 2028. It’s slated to do so under a lease with SJP Properties, which will build the facility in partnership with New Brunswick Development Corp., the project’s master developer, in a signature deal for the city and for the three-building, multibillion-dollar redevelopment project.
A spate of public and private investment is transforming the area around the train station in Berkeley Heights and allowing this small township on the western edge of Union County to reimagine a walkable and commuter-friendly downtown.
The historic deal to bring Nokia Bell Labs to New Brunswick was nearly a year in the making, beginning in earnest with the company’s visit to a four-acre construction site downtown.
After finding its footing in the pandemic, the commercial real estate market was back on its heels by late 2022 thanks to fast-rising interest rates and fears that the worst is still to come. Developers, investors and other industry stakeholders in New Jersey are now bracing themselves for more uncertainty in 2023, as they also prepare to seize the opportunities that often come with economic distress.
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.”
With the holidays upon us, we’re excited to bring you a look back at our top stories of 2023, including our most-read items and a few editor’s picks. You can catch up on our daily “best of” emails below. We will also keep you updated in the event of any breaking news.