CHA Partners recently unveiled a new 120-unit apartment building at the site of the former Muhlenberg Regional Medical Center in Plainfield, doing so more than a decade after the hospital’s closure devastated city residents and set off an emotional, multiyear battle to repurpose the site.
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CRE sentiment rises, but weighed down by construction cost challenges
Improving economic conditions have led to an improvement in the NAIOP CRE Sentiment Index, indicating both overall optimism and several ongoing concerns. However, respondents are now more pessimistic about construction costs than in any prior survey, and most expect construction labor costs to increase.
The future of office work has arrived
The economic rebound is fueling job growth in office-using sectors, which comes as the state lifts requirements that employers accommodate telework arrangements. Now that the future has arrived, I am sure that all employers would agree that employees are the most critical resource for success. Striking the right balance for the new workplace will likely be case-sensitive, and will no doubt take some time and a great deal of patience.