We’re cautiously optimistic about the market. While there have been challenges like increased lending interest rates and the uncertainties associated with them, we’ve found opportunities to innovate and thrive. Leveraging joint ventures, early procurement and efficient planning has allowed us to combat potential delays and unforeseen expenses. Our growth in 2023, despite some projects stalling due to market factors, testifies to our adaptability and resilience in these changing times.
Current Issue
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.
Owners Council Q&A: Sam Morreale
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.
On the job
As you’ll read in this month’s cover story, veteran planner and public policy expert Dan Kennedy has a full plate of advocacy issues ranging from flood hazard and stormwater regulations to infrastructure and stranded assets. Fortunately, he brings nearly two decades of experience that includes key roles in state government and six years with the Utility and Transportation Contractors Association of New Jersey.
