Business as usual is just not possible anymore. New Jersey’s underperforming economy, bloated public sector spending and rising cost of living, along with Congress’s decision to reduce the state and local tax deduction, are forcing our collective hands to do better. There is no better place to start than at home in our local municipalities and school districts, where consolidations and sharing of services can produce both real financial savings and better outcomes. Simultaneously, state and county governments need to do likewise. Taxpaying businesses and residents deserve accountability, and this may require audits of how and where every dollar of taxpayer money is being spent.
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.
Metaphorically speaking
As you’ll read in this month’s cover story, Vision Real Estate has thrived with what it describes as “an assembly line mentality” for transforming old corporate campuses, with the right mix of creativity and capital and a full-service, in-house team that has landed some of the state’s most coveted tenants. It’s now building on that track record with other high-profile projects in Morris County and a growing list of value-add investments across northern and central New Jersey.
Stockton campus brings new life to Atlantic City neighborhood, in a sign of things to come
Stockton University’s new campus in Atlantic City has come to life after more than two years of anticipation — and stakeholders say it’s just the beginning of what they hope to be a larger transformation in Atlantic City.
Which types of tenants or industries hold the greatest upside for New Jersey’s office market?
We assembled a panel of industry experts to tackle this month’s question. Here’s what they had to say. Edwin H. Cohen, principal partner, Prism Capital Partners (Bloomfield) Without a doubt, life sciences has emerged as a dominant sector fueling New…
New Jersey industrial brokers, developers thinking regionally as tenants expand the market
With a limited supply and an increasingly savvy approach to logistics, tenants are pushing the historical boundaries of the New Jersey industrial market and expanding not only westward, but to the southernmost parts of the state and to the east to New York City. As occupiers explore these new frontiers, developers and brokers in New Jersey are following suit with a more regional approach to the warehouse and distribution sector.
Going regional: How JLL has adapted to the new industrial landscape
JLL has regionalized its industrial platform under the leadership of David Knee and Rob Kossar, who are based in JLL’s East Rutherford office and have established their team as a dominant player in the market.
For Pierson, believing in untapped markets has been a key ingredient for success
Pierson Commercial has gained a foothold in some of New Jersey’s largest and best-known cities, fueling its growth in recent years while remaining just as active in the state’s suburbs and highway retail corridors.
After a decade of success, Dermody begins final phase of Logan Township industrial park
Dermody Properties’ 1,100-acre logistics park in Logan Township has attracted a long list of well-known users over more than decade. And the firm is now set to enter its last phase of development — breaking ground on two buildings that will add another 563,000 square feet to the portfolio.
BCONE: Vision, team approach turned Perth Amboy development to gold
In the brownfield redevelopment universe, industrial projects have no equal thanks to the compound-complex nature of these mega-efforts, which are marked by X factors and uncertainty at every turn. Think of a conductor tasked with guiding a multi-chair symphony orchestra through intricate movements of a complex score — compared to a more simplistic coordination helming a small chamber ensemble. There’s a compelling difference, and thus welcome to the world of the industrial brownfield redevelopment, where multiple stakeholders are tasked with a multitude of boxes to check before any ribbon cutting can commence.
Logistics, workforce could help Jersey weather next downturn
With the incredible growth of this sector in recent years, could logistics help make New Jersey cliff-proof? I think so, but only if we take steps to address serious workforce challenges, especially those related to affordability and accessible transportation. With the increasing likelihood of a recession in 2020, we need to act now. The importance of the port region to New Jersey’s economy cannot be overstated, and continued investment is critical. We also need to solve the “last mile” conundrum that presents transportation and lifestyle challenges.
