The Urban Land Institute honored a dozen commercial real estate projects and industry leaders last week as part of an annual awards dinner hosted by its northern New Jersey chapter.
The new federal Opportunity Zone program is far from perfect in its early stages, U.S. Sen. Cory Booker told a crowd of New Jersey real estate leaders on Monday, but it offers a powerful new incentive for the private and public sectors to steer economic development to low-income areas.
Amenities, collaboration space and access to transportation will all remain important in the office sector, experts say, but those features must be increasingly focused on wellness, sustainability and energy savings. That’s not to mention diversity and the ability for employees to choose how they work.
As tenants adopt a more regional approach to industrial space, New Jersey brokers must do the same and expand their focus to the Lehigh Valley and other neighboring markets. Brokers now have an opportunity to provide their clients with additional options beyond the core submarkets of northern and central New Jersey, developers say, noting that many regional tenants have already grown comfortable with casting a wider net.
Even in Bergen County — the home of the highest-grossing retail ZIP code in the U.S. — owners and operators are in a race to evolve and face no shortage of challenges.
Retailers and other industrial tenants have long counted on northern New Jersey as a hub for distribution into New York City, but the need for same-day and even two-hour delivery has pushed developers to make big bets in the outer boroughs.
As New Jersey has shown, the industrial sector has become the new darling of commercial real estate in recent years. That was all too clear from the sold-out crowd of more than 850 development executives and other key players who descended on this year’s I.CON event in Jersey City.
Many of the state’s top commercial brokers gathered recently for an annual event hosted by the Society of Industrial and Office Realtors, where the organization recognized some of the Garden State’s top deals of 2017.