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.
In a state where available industrial space is already in short supply due to our exploding e-commerce sector, asking prices and rents for older and smaller industrial buildings may soon be rising dramatically. Also on the rise will be demand for the power needed to fuel plant growth and maintain proper growing conditions.
Maintaining a healthy level of connectivity is critical. This is why we need to continuously invest in our infrastructure to keep things like our economy and lives moving. People, goods, cars, trucks, trains, data, energy, drinking water and sewerage need to get places in a timely way. Where and how we live, work and play are influenced by access to these places.
Restaurants have proven to be desirable anchors for redevelopment projects and magnets for other businesses. However, with few liquor licenses available, smaller local establishments are having their chances of success diminished or are being shut out, thereby stifling competition, development and consumer choice.
E-commerce, today’s retail model, is growing rapidly, as products and technology evolve and consumers come to rely on the ease and convenience of online shopping. In addition to its much-talked-about impact on the overall retail picture, e-commerce has been a key driver for industrial real estate, especially in those well-situated locations that facilitate a speedy and low-cost way of delivering goods to consumers.
How developers and local leaders can respond to changes in business, demographics By Michael G. McGuinness Economic, industry and demographic trends are changing the way business is done in New Jersey — and impacting the strategies of investors, developers and…