For a business that started in Manhattan, New Jersey seemed like a logical extension for CityMD. But the urgent care chain says that’s as much about culture as it is about geography or the 5 million people in the northern part of the state.
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.
Living on borrowed time: Build Gateway now
No one infrastructure project has the potential to cripple our economy, disrupt our lives, lower real estate values and drive employers to seek alternative locations than the Gateway Project to expand and repair the Hudson River rail tunnels and replace the Portal North Bridge. Why, then, haven’t our local, state and national leaders yet secured the funding, approvals and entitlements needed to get this project done, despite the wakeup call back in 2012 when Superstorm Sandy wreaked havoc on a single tunnel in an area responsible for 20 percent of the U.S. GDP?
A remedy for retail
Our July cover story takes a look at the growth of medical retail and all of the nuances that come along with it. For one thing, there seems to have been a perfect storm that paved the way for this movement: Retail was hurting after the Great Recession, while the Affordable Care Act expanded the insured population and changed how health care was delivered. As you might guess, New Jersey was impacted by these forces as much as any other market.
In Hackensack, a proving ground for Cap Hospitality
In crafting the design of the new Cap Diner, Nicolas Geeraerts said he wanted to “bring a little bit” of New York and Brooklyn, while also staying true to New Jersey. He also aims to create a younger, millennial vibe that is also going to attract families. The overall objective is to create a place “that is approachable, pricewise, for everybody (and) … where a community can get together without one person being better than the next,” said Geeraerts, who oversaw the development of a high-end food hall above New York Penn Station.
Office market conundrum: improving economic indicators amidst minimal absorption
Experts see a significant conundrum in the office market, as every economic indicator used to forecast absorption performed at or above the forecast level. Further, closely related macroeconomic variables — such as office-using employment — grew steadily, meaning that more office employees were added without much corresponding space leased over the previous six months. While the first quarter reading of just 1.3 million square feet absorbed may be a one-time anomaly, it cannot be ruled out that a structural shift in the office space market has occurred or is occurring.
Hard Rock CEO Allen hopes new hotel, casino will strike a different tone in Atlantic City
The new Hard Rock Hotel & Casino will open June 28, with a model that aims to set a new standard in Atlantic City. For one thing, the resort will have an added emphasis on entertainment, leveraging Hard Rock’s own vast network of performers to help program the venue and bolster other nongaming revenue streams such as meeting business and hotel stays. But its owners have sought to be different from past generations of New Jersey casinos in another way, focusing on community outreach that they say will continue well past the grand opening.
From the publisher: The strength of a few, a missed opportunity for many
Aside from a handful of top players who dominate the business, there is a noticeable lack of commercial mortgage brokers and mortgage banking firms that are based here in the Garden State. How can that be, in a state that has billions of dollars in mortgages to originate and billions more to refinance?
