In our July issue, we detail the efforts of New Jersey’s largest brokerage and service firms to support diversity and inclusion among their employees. This is nothing new for industry giants like CBRE, JLL and Cushman & Wakefield, but it’s become increasingly clear that these efforts are critical to recruitment, retention and overall employee culture. It’s why you’ll find these firms taking pains to promote and cultivate networking groups tied to gender, racial, lifestyle and other forms of diversity. That only stands to grow in our own local market and globally.
A new stock of luxury, market-rate apartments is beginning to take shape in downtown Newark, where stakeholders hope to attract the type of rental population that can create a 24-hour, seven-day neighborhood that has long eluded the central business district.
Developers say they’re encouraged by the early returns, but are preparing for the market to be tested by larger-scale projects and an influx of additional units. City officials are also preparing for what could be a dramatic uptick in interest from builders — which they will have to balance with public policy goals such as expanding affordable housing for Newark residents.
With roots that date back more than 100 years, a Parsippany-based firm that provides janitorial, security, concierge and other services has seen its business spike in recent years amid the wave of new construction and new ownership within the multifamily space.
Industrial real estate is still surging as commercial real estate’s hottest property type, and that’s no more evident than right here in New Jersey, providing a chance to showcase the innovation and creativity that’s taking place in the industry.
Newark’s dedicated blue-chip employers and anchor institutions have virtually all expanded or made commitments to grow, leading to billions of dollars’ worth of new commercial development. It’s a major reason why developers believe the time is right to, once and for all, bring new market-rate apartments to Newark’s central business district.
The convenience was hard to beat at Denholtz Properties’ longtime headquarters in Matawan, a three-story office building that sits directly off the Garden State Parkway. But the firm’s new office in Red Bank has much more to offer.
Since 2015, more than 280 towns in New Jersey have signed settlement agreements for their affordable housing obligations, while a judge has determined the statewide need to be about 155,000 units and experts project that about 50,000 of those will be created by 2025. Frankly, the court process is way too far down the road to try and move it back to the Council on Affordable Housing or another state agency. But that is not to say there are not some issues worth discussing as we move forward.
Red Bank is now embracing redevelopment and smart growth concepts more than it has in recent memory, insiders say, as evidenced by the growing list of projects that are now under construction or in its pipeline. That embrace is a long time coming for developers that have seen all the community has to offer — from its popular downtown to the Navesink River waterfront, along with a rich cultural scene and an affluent population.
Legislation was enacted last November that requires NJ Transit to establish an office of real estate economic development and transit-oriented development to assess all its properties and annually recommend how best to increase NJT’s non-fare revenues. The goal is to enable NJT to have more funds to invest in its operations, maintenance and capital projects in order to improve performance for bus, rail and light rail passengers.
As you’ll read in this month’s cover story, local leaders in Red Bank are increasingly open to the idea of redevelopment and smart growth in their community. The 2.2-square-mile borough has long held the cachet of towns such as Montclair and Morristown, but new mixed-use projects have been few and far between.