Insiders say that now is the time to discern which municipalities will be receptive to the prospect of legalized recreational cannabis, if and when it becomes a legal industry in New Jersey. That prospect is likely many months from being a reality, if not more, but the concept has the support of Gov. Phil Murphy and several well-known lawmakers.
For all the time we’ve spent highlighting New Jersey’s glut of sprawling, vacant corporate campuses, it’s easy to lose sight of just how many of them have been rescued in recent years by some of the state’s boldest and most inventive developers. Those success stories are worth telling, which is why we often do at Real Estate NJ. But there are underlying trends or nuances in some of those projects that don’t get as much attention on a day-to-day basis. Like how a crop of innovative, lesser-known biotech and pharmaceutical firms are backfilling space at the former research campuses of Sanofi and Hoffmann-LaRoche, helping to stabilize those sites as their new owners pursue larger redevelopment plans.
As we’ve been reminded over the last two years, industry leaders have long feared that federal tax reform could spell the end of many of the loopholes enjoyed by developers and investors. It became clear last fall that benefits such as the 1031 exchange would live to see another day, but as we came to learn, that was just the beginning of how the commercial real estate sector would stand to gain under President Trump’s tax overhaul.
Real estate is in transition in virtually every other market across the country. But there are forces at play that are distinct to New Jersey or at least especially pronounced here, from e-commerce and the apartment boom to the need to reinvent the suburban office park. And we’ve sought to highlight those trends every day and every month, while explaining how those forces impact pricing, public policy and technology. You can expect nothing less in our January issue and in our special Market Forecast section, which features thoughtful, well-informed predictions from some of the top developers, professionals and other experts in the field.
In the days and weeks ahead, we will introduce a new addition to Real Estate NJ aimed at zeroing in on the major asset classes and service sectors in the Garden State. Known as Industry Roundups, the new e-blasts will highlight the top headlines and stories in each field, giving you a chance to catch up on all the latest news in a way that’s tailored to a specific part of the industry.
Ask anybody in the real estate business and they’ll most likely agree: Being busy is a good thing. We couldn’t agree more as a publication that covers this industry and thrives on all of the deal making, construction activity and other bits of news that help us bring you a monthly magazine and a daily newsletter. The market has been so busy that I’m not quite sure where the time has gone, yet here we are as we prepare to close out the first year of Real Estate NJ.
The Amazon story is now more than four years old in New Jersey, at least when it comes to our industrial market, yet we can’t seem to stop talking about it. It only makes sense. The tech giant has added…
In our October issue, we highlight the work of architects and engineers, whose role in this process is as important as any other group of professionals. They’re among the first calls that a developer will make and can play a key role in helping a project overcome challenges along the way.
For our latest cover story, we spoke to executives behind what are perhaps the two biggest examples New Jersey developers seeking to tap into the sharing economy. In Jersey City, the joint venture behind a new 69-story apartment tower has partnered with Airbnb via the home-sharing giant’s new Friendly Buildings Program. The other developer, Capodagli Property Co., is nearly a year into a partnership with Uber, in which it provides new lease signers with credit to put toward trips through the ride-hailing app.
We set out this month to look at the role of technology companies in New Jersey’s office market. The tech sector certainly isn’t the dominant industry in the state’s economy, but it has provided a rare source of job growth in the last few years that has resulted in new office requirements. We’ve seen companies such as Audible, iCIMS and Jet.com lease space in New Jersey thanks to both state incentives and the type of organic growth that landlords would love to see continue.