For our latest cover story, we spoke to executives behind what are perhaps the two biggest examples New Jersey developers seeking to tap into the sharing economy. In Jersey City, the joint venture behind a new 69-story apartment tower has partnered with Airbnb via the home-sharing giant’s new Friendly Buildings Program. The other developer, Capodagli Property Co., is nearly a year into a partnership with Uber, in which it provides new lease signers with credit to put toward trips through the ride-hailing app.
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With a state government in transition, let’s build on our progress
As we prepare for the next governor and potential changes in the Legislature, it is important to recognize what New Jersey has accomplished in the last several years, continue this momentum and support these programs and initiatives. Our economy is certainly getting better, based on all the construction taking place and today’s low unemployment rate. Affordability and stagnant wages, however, remain challenges to many and are a big reason why a huge proportion of millennials are still living at home with their parents. Without immigration, our population would be dwindling.
A growth area in the making?
We set out this month to look at the role of technology companies in New Jersey’s office market. The tech sector certainly isn’t the dominant industry in the state’s economy, but it has provided a rare source of job growth in the last few years that has resulted in new office requirements. We’ve seen companies such as Audible, iCIMS and Jet.com lease space in New Jersey thanks to both state incentives and the type of organic growth that landlords would love to see continue.
Developer aims to transform historic Kearny shipyard into 21st-century workspace
Hugo Neu Corp. is redeveloping the former Federal Shipbuilding and Drydock Co. in Kearny as a hub of flexible office space for startups, creative businesses and others seeking a modern workplace. It aims to do so while taking advantage of the historic, architecturally distinct buildings on the 130-acre site, some of which offer the type of soaring ceilings and open-air feel that appeals to edgier tenants.
At Kearny Point, diversification is key
The wide, light-filled hallways inside Building 78 are lined with glass panels that offer a look into the businesses that have moved into Kearny Point — from a wedding dress designer to a 3D printer to venture capital-backed research labs. All signs point to a project that has succeeded in creating diversity at the 207,000-square-foot flex office space, where the first tenant committed in late 2015.
Garden State drawing more industrial tenants from NYC boroughs
Companies from Brooklyn and New York City’s other outer boroughs are increasingly taking industrial space in New Jersey, brokers say, whether they are expanding beyond their original business locations or looking for a new home altogether. The trend is adding to the already surging demand in the market for warehouse and distribution space in the Garden State.
