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.
Commercial real estate leaders, policy experts and public officials gathered last month to tackle an all-too-familiar problem in New Jersey — rethinking the state’s suburban office parks and retail centers to position them for the economy of the future.
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.
Gov. Phil Murphy on Tuesday visited the massive American Dream project in the Meadowlands, hailing the ongoing work of construction teams and the potential for long-term job creation at the 3 million-square-foot entertainment, retail and dining complex.
Mack-Cali Realty Corp. welcomed brokers and other industry professionals recently for an open house in Parsippany, where it showed off the types of new amenities and upgrades that are meant to transform its suburban office buildings.