It feels that the market is at an inflection point. Geographic location, product type and risk profile determine the ability to raise capital, both debt and equity. Fundamental demand remains firm across the multifamily, industrial, life science and the retail sector, but volatility in monetary policy, the rates market and uncertainty surrounding construction costs have kept capital deployment tepid.
Industrial
Owning or leasing industrial space in New Jersey means you’re within one day’s drive of one-third of the nation’s population. That means the state continues to be a hotbed of warehouse and logistics activity.
Owners Council Q&A: Lou March
We’re cautiously optimistic about the market. While there have been challenges like increased lending interest rates and the uncertainties associated with them, we’ve found opportunities to innovate and thrive. Leveraging joint ventures, early procurement and efficient planning has allowed us to combat potential delays and unforeseen expenses. Our growth in 2023, despite some projects stalling due to market factors, testifies to our adaptability and resilience in these changing times.
Owners Council Q&A: Mark Shearer
Opportunities for industrial remain along the New Jersey Turnpike corridor. Because there is a lack of available land, we feel the opportunities will come from the redevelopment of contaminated sites and demolition of underutilized office complexes, and the conversion of obsolete industrial facilities. The Port and demographics continue to drive demand for space.
