Besides New York City tourism, what are some of the biggest drivers of new development and investment in New Jersey’s hotel industry? We assembled a panel of industry experts to tackle this month’s question.
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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.
Berger’s rehab project looks to tap into Newark’s growing hotel market
As Miles Berger knows all too well, transit access and proximity to Manhattan have been longtime drivers of Newark’s office market. He also knows that those benefits play a major role in the city’s lesser-known tourism sector. It’s why Berger is taking a major step to upgrade his hospitality portfolio in downtown Newark: a gut renovation of a 90-year-old hotel that will result in a new state-of-the-art property near the city’s Military Park.
The rebirth of the suburbs: The impact of aging millennials and driverless car technology
This multiyear transformation of our downtown areas has led to speculation that the single-family, suburban model of development is dead. In this article, I will make a different prediction. Today, I predict that the next great housing boom will be in the suburbs. The millennials will move out of the city and into the suburbs and will commute farther distances, by car, than previous generations.
In Warren, Vision looks to build on success of amenity center concept
For some tenants at The Crossings at Jefferson Park, the biking and walking trails that weave through the Whippany office campus have become a modern-day meeting space, as have the food court and lounges inside the property’s new amenity center. That’s according to executives with Vision Real Estate Partners, who are now looking to replicate and build on that success at another suburban office campus in New Jersey.
JLL: Retail sectors blossom in northern New Jersey
New Jersey has a strong retail environment due its population density, which is higher than the national average. Retailers are also attracted to the Garden State’s proximity to New York, which is one of the world’s retail capitals. A large percentage of New Jersey’s population is in Northern New Jersey and retailers targeting consumers have plenty of space options along Interstate 95, The Garden State Parkway and U.S. Route 1/9.
The next step for Bell Works: With office space nearly full, retail takes center stage at landmark project
With at least 6,000 daily office workers set to occupy the building by next year, the effort to bring a distinctive mix of retailers, services and dining options to Bell Works is now well underway. That mix includes everything from a florist and a beauty salon to a 24-hour health club and an urgent care center, offerings that will serve both office tenants at the building and residents from the surrounding communities.
