Tax reform has been a hot topic, especially in the real estate industry. After all, real estate and construction industries have a significant impact on the U.S. economy. Wiss is proud to advise the industry on all the new changes. In our Tax Reform Manifesto for the Real Estate Industry, we explore the recent tax reform and how you or your business could be affected.
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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.
Guiding the way: Brennan, Simon have positioned Colliers for continued growth in New Jersey
It has been a busy three years for both Kim Brennan and David Simon, who have worked together to lead Colliers International’s expansion in northern and central New Jersey. The global real estate services firm has grown to about 36 leasing and sales brokers in the market — roughly double the size of its team in 2015 — with an expanded focus on industrial, retail and investments sales. Colliers is also marking one year since it opened an office in Woodbridge, its third in New Jersey, to help support its long-term ambitions.
High hopes for life sciences
For all the time we’ve spent highlighting New Jersey’s glut of sprawling, vacant corporate campuses, it’s easy to lose sight of just how many of them have been rescued in recent years by some of the state’s boldest and most inventive developers. Those success stories are worth telling, which is why we often do at Real Estate NJ. But there are underlying trends or nuances in some of those projects that don’t get as much attention on a day-to-day basis. Like how a crop of innovative, lesser-known biotech and pharmaceutical firms are backfilling space at the former research campuses of Sanofi and Hoffmann-LaRoche, helping to stabilize those sites as their new owners pursue larger redevelopment plans.
Continued strength for multifamily
The tax reform package is widely seen as a boost to the already thriving apartment sector. At the very least, experts say the changes could delay an existing renter’s decision to transition to homeownership, although many stopped short of saying that it would have dire effects on the for-sale market.
A rebound for investment activity
When it came to commercial real estate, many investors had likely felt that property values had peaked in 2016, that the bull run was ending and the economy was due for a pullback. Those are among the reasons that Jeff Otteau feels overall investment sales in New Jersey fell last year to $6.5 billion, from $8.3 billion in 2016, while activity also slowed in New York City. Yet that trend could be in store for a reversal as a result of the newly amended tax code, which has preserved and added to the benefits given to real estate investors.
