A coalition of commercial real estate industry leaders has unveiled a new set of proposals for Gov.-elect Phil Murphy and state lawmakers, seeking to refine policies that have spurred economic development in recent years and address some of New Jersey’s most glaring needs.
Office
New Jersey’s office market is evolving by the day, but this fact remains: The state’s location and educated workforce make it a highly desirable place for tenants of all shapes and sizes.
Local land use: Creating predictability, uniformity
Rather than try to replace the Municipal Land Use Law or strip local governments of the ability to control zoning in their town, the Smart Growth Economic Development Coalition has outlined what it says are reasonable, practical changes to help streamline development, create more certainty and encourage new business growth in the state. Those changes include steps such as standardizing non-residential site improvement requirements, creating more consistency across the entitlement process and softening the approval process for projects that will help create affordable housing.
Trend Watch Dec. 4: New office buildings boast 12% vacancy rate
The year of construction for buildings has significant impact on reported vacancy rate. Buildings completed since 2010 maintained the lowest vacancy rates, as office occupiers prefer new product. Demand for new construction will drive the demolition/rehabilitation of older, vacant office buildings, especially in strategically located markets lacking sites for new construction.
With residential leasing underway, HHG turns to next phases of Trenton redevelopment
A development firm has set its sights on what comes next in its redevelopment of Trenton’s iconic Roebling Steel complex: restoring an adjacent building that will result in 100,000 square feet of creative, industrial-style office space — which can effectively come with 10 years of free rent because of state tax credits.
The Amazon effect: The e-commerce giant has infiltrated every major asset class in New Jersey
Amazon has long been known for having a profound impact on the bricks-and-mortar retail business. But as it turns out, that’s only one piece of the story of how the e-commerce powerhouse is transforming commercial real estate. New Jersey is poised to feel that impact as much as any other state in the country.
