Editor’s Note

Hear directly from Editor Joshua Burd as he brings you the highlights of this month’s issue of Real Estate NJ and his observations from recent interviews.

Firsthand experience

To say that this month’s cover story is near and dear to me is somewhat tongue-in-cheek, but it’s also true. After all, I did spend five years working on the vast stretch of sprawling, landscaped office parks that is Davidson Avenue in the Somerset section of Franklin Township, which plays a prominent role in our February issue. As many of you know, the area is part of a 500-acre corporate business district along Interstate 287 that, in recent years, has grappled with millions of square feet of outdated and mostly vacant office space. Township officials are now meeting that challenge head-on, thanks in large part to a zoning change in late 2020 that paved the way for developers to repurpose those sites as industrial space.

Jumping in

Call me provincial, but I’m always fascinated these days when I hear that an established investor, developer or retailer that operates nationally is only now finding its way into the New Jersey market. With our labor pool, our consumer base and the all-important draw of being a discount from New York City, one can’t help but wonder what took them so long in the first place — especially in an expansion that goes back more than a decade.

Editor’s note: What’s new in 2022

We’re excited to kick off another year of Real Estate NJ and The Briefing, our must-read daily email blast with all of the latest deals, developments and people news in New Jersey commercial real estate. This year, we are coming to you with an expanded version of the newsletter, including an industry events calendar and additional stories you may have missed, along with other features that you’ll see in the months ahead.

On the money

I’ve spent a decade watching Devco tackle some of the state’s largest, most ambitious redevelopment projects with complex capital stacks and broad coalitions of stakeholders. It’s a topic that we feature in this month’s cover story, which follows a year in which the organization broke ground on more than $1.5 billion worth of development. That makes it all the more timely for us to highlight an operation that is seemingly unlike any other developer in New Jersey.

A winning team

Commercial real estate truly is a people business, which explains why our stories highlighting new hires, promotions and other personnel moves are among the most popular. We’re fortunate to see a steady diet of these updates from all corners of the industry, including the types of announcements that have come from DMR Architects just about every year since we launched Real Estate NJ — five hires here, three new additions there — all to support a growing pipeline and portfolio that includes everything from apartments and hospitals to government buildings.

Starting anew

The debate over New Jersey’s corporate incentive programs has been well-chronicled in recent years, but regardless of where you fall on the issue, there’s no denying their influence on the state’s commercial real estate market. That influence was all but gone for two years after Grow New Jersey and other subsidy programs were allowed to expire in summer 2019, with no immediate replacements in sight until Gov. Phil Murphy and lawmakers agreed on new incentives late last year. The state is now putting those offerings to work, starting with the jobs-based Emerge program that will fill the void left by Grow New Jersey.

Outside the box

By and large, it’s been a decade of good news for New Jersey industrial’s sector. I’m certainly thankful for the steady stream of updates on deals and developments up and down the state, especially in a pandemic that has threatened other asset classes. That can also present a challenge as we look to keep our content fresh, nuanced and informative in an area that has been so consistent.

Space and pace

You may have heard by now about the rush for life sciences space in the wake of last year’s COVID-19 outbreak, which could still continue even after the virus is under control. New Jersey, of course, should stand to benefit with a deep pool of intellectual talent that rose to the occasion in the nation’s fight against the pandemic. That’s the good news, but tapping into that demand remains somewhat complicated.

The best of The Briefing 2020

With a new year upon us, we’re excited to bring you a look back at our top stories of 2020, including our most-read items and a few editor’s picks. You can catch up on our daily “best of” emails here.

A fresh look

You wouldn’t know it by the last four months, but major news stories are always prone to ebbs and flows. The federal Opportunity Zone program is a case in point when it comes to commercial real estate publications. The investment vehicle has been all the rage at various points since it was created in late 2017, only to take a step back as buzz died down.