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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.

Meeting a need

There’s a group of towns in New Jersey that have the ultimate name recognition for those who live nearby or even those outside the state. As many of our readers can attest, Montclair is clearly one of those communities, with the vast selection of shops, restaurants and cultural spots that line its downtown and residents who are as engaged as any in the state. As you’ll read in this month’s cover story, Montclair is also increasingly popular with office tenants, but with a lack of Class A space, those requirements are largely going unmet. BDP Holdings aims to change that with a newly unveiled project known as The Iris, a proposed ground-up development that would include 124,000 square feet of office space, street-level retail and structured parking — all of it in the heart of the central business district.

Boutique fitness chains are on the rise, providing a new source of demand for retail landlords

When it comes to fitness tenants, think smaller. That’s the mindset at shopping centers and downtown locations throughout New Jersey, as specialty fitness studios are increasingly finding favor with owners and customers.

Downtown demand: Developer aims to bring highly coveted, high-end office space to Montclair business district

BDP Holdings has unveiled plans to bring new high-end office space to Montclair as part of a 130,000-square-foot ground-up project, seeking to capture the growing demand for space in downtowns that are easily accessed by the state’s skilled suburban labor pool.

Another chapter

As you’ll read in this month’s cover story, the city of New Brunswick ended 2023 on a high note when Nokia announced that it would become the new home of its iconic Bell Labs division. The company, which will move from its historic campus in the Murray Hill section of Union County, plans to occupy a built-to-suit, 360,000-square-foot research tower at the new HELIX campus by 2028. It’s slated to do so under a lease with SJP Properties, which will build the facility in partnership with New Brunswick Development Corp., the project’s master developer, in a signature deal for the city and for the three-building, multibillion-dollar redevelopment project.

State officials promise a proactive approach to repurpose Bell Labs campus in Murray Hill

The news that Nokia Bell Labs will build a new research and development hub in downtown New Brunswick — ensuring that it remains in New Jersey — was undoubtedly triumphant. But it was not lost on Gov. Phil Murphy that the company would be leaving its home of more than 80 years in the Murray Hill section of Berkeley Heights and New Providence.

Multifamily projects, public investments setting the stage for new-look downtown in Berkeley Heights

A spate of public and private investment is transforming the area around the train station in Berkeley Heights and allowing this small township on the western edge of Union County to reimagine a walkable and commuter-friendly downtown.

Legacy moment: Inside the landmark deal to bring Nokia Bell Labs to New Brunswick’s HELIX campus

The historic deal to bring Nokia Bell Labs to New Brunswick was nearly a year in the making, beginning in earnest with the company’s visit to a four-acre construction site downtown.

Real Estate NJ’s 2024 Market Forecast

After finding its footing in the pandemic, the commercial real estate market was back on its heels by late 2022 thanks to fast-rising interest rates and fears that the worst is still to come. Developers, investors and other industry stakeholders in New Jersey are now bracing themselves for more uncertainty in 2023, as they also prepare to seize the opportunities that often come with economic distress.

NAIOP NJ’s New Year’s resolution: Let’s get the next Energy Master Plan right

Overhauling the Energy Master Plan is an opportunity for impacted stakeholders, like you, to help improve what is currently an unrealistic policy document that has done little to accelerate achieving its lofty goals. Perhaps most striking about the current EMP is it lacks an unbiased estimate of what it’ll cost ratepayers, including commercial real estate owners and tenants. Gov. Phil Murphy acknowledged this glaring omission when he announced the 2024 EMP will “seek to better capture economic costs and benefits, as well as ratepayer impacts.”

The best of The Briefing 2023

With the holidays upon us, we’re excited to bring you a look back at our top stories of 2023, including our most-read items and a few editor’s picks. You can catch up on our daily “best of” emails below. We will also keep you updated in the event of any breaking news.