Two of the state’s most ambitious redevelopment and adaptive reuse projects were among the top honorees Thursday at NAIOP New Jersey’s annual gala, where a crowd of hundreds celebrated the commercial real estate industry and some of its leading figures.
The state’s largest office lease of 2018 took home top honors at an annual luncheon hosted by the United Way of Northern New Jersey, which also recognized industry icon Finn Wentworth as part of a fundraiser that drew more than 500.
With the state’s two main incentive programs set to expire on June 30, a high-ranking state lawmaker called on Gov. Phil Murphy to consider extending the deadline and allow policymakers to revamp the tax credit offerings without interruption.
State Senate President Steve Sweeney last week came to the defense of New Jersey’s use of tax incentives — a recent target of Gov. Phil Murphy’s administration — while pledging to find a solution to extend and update the programs by the time they sunset on June 30.
As developers continue to invest in downtown Newark, the city is attracting both new residents and businesses. That makes it all the more important to create amenities and spaces that will bring permanent foot traffic during the day and at night, which has become a growing focus for both public- and private-sector leaders in the state’s largest city.
Major tenants and occupiers are now taking a closer look at agile real estate offering nimble, dynamic layouts in which employees can float from one type of a work area to another or move seamlessly between office locations. That means developers and landlords should be following suit if they plan on staying competitive in a quickly changing office sector.
Many market watchers say that New Jersey real estate has become increasingly attractive to investors from beyond the state. Some believe that trend could only grow under the next generation of the embattled EB-5 visa program.
A pair of top industrial developers offered a glimpse at two of New Jersey’s largest warehouse and logistics projects, detailing plans that would add nearly 7 million square feet across two coveted submarkets.
NAIOP New Jersey will honor two of the industry’s top players in capital markets and commercial mortgage banking as part of its annual awards gala this spring, where it will also recognize a pair of influential developers and one of the state’s longest-serving mayors.