At the 30th Annual Partners in Economic Development Awards, industry experts from around the state will discuss real estate development in New Jersey and its potential for the next five years. The Morris County Economic Development Corporation is hosting this conference, which will occur on Friday, April 14, 2023, at the Hyatt Regency Morristown. This is a fantastic opportunity for attendees to gain valuable insight into current trends and strategies in real estate development and network with other professionals in the field.
Maximizing value through placemaking
Thoughtful placemaking executed with the proper design strategies creates a vibrant, authentic sense of place offering value through rental and occupancy premiums and allows for real estate to evolve and meet current sustainable lifestyles. More than just mixed-use developments, successful placemaking projects seek to attract people, make them feel comfortable and activate the built environment in ways that encourage them to stay or return. Today’s residents, office tenants, retail patrons and pedestrians desire an integrated living, working, learning and shopping environment that is intentionally planned to create places that foster community and neighborhood growth.
Apartment design, development evolving to meet growing pool of renters by choice
More U.S. households are renting apartments now, than at any point in the past 50 years, according to the PEW Research Center. Many of today’s renters do so by choice, citing greater flexibility in lifestyle, liquidity and maintenance. Increased mortgage rates, rising inflation and uncertain economic times all help to bolster the current multifamily rental market. While apartment leasing itself is forecasted to remain strong in 2023, the resident experience continues to evolve to better meet the needs of a growing population of renters by choice.
Indicators for the future of the New Jersey rental market
Inflation has cemented itself as the main concern for Americans over the past year and for good reason. The United States has seen costs rise across every single sector, but few have grown faster than housing. The state of New Jersey holds the distinction of having the sixth-highest rents in the nation and has seen an astronomical rise in those rents with annual growth rates peaking at nearly 33 percent in May of 2022.
Cheaper by the dozens: N.J. Legislature considers bill proposing unlimited restricted liquor licenses for annual fee
The New Jersey Legislature is considering a bipartisan bill (S355/A3710) that establishes a restricted beer, wine and cider license that would allow restaurants, for a small annual fee, to sell certain alcoholic beverages to their patrons. In an effort to counteract the diminution in value of already-owned liquor licenses, the proposed bill provides tax credit under corporate business tax and gross income tax for loss in value to certain alcoholic beverage licenses. Despite this tax credit, there is sure to be a significant decrease in the value of already-owned liquor licenses. This loss in value is likely to in turn diminish the value of the properties underlying those licenses.
