The Hampshire Cos. has opened the doors to a new 271-unit luxury apartment building in Hackensack, marking the latest addition to its fast-growing rental portfolio in the city.
Market Sectors
New Jersey has an unmatched location and a population that developers dream about. It’s no wonder the commercial real estate industry is flourishing and evolving across all segments of the market.
Owners Council Q&A: Lance Bergstein
The macro environment had an exponential effect on the commercial real estate market. The impact of increased inflation and borrowing rates magnified some of the underlying fundamentals in the New Jersey market. With that said, the industrial market in the state remained strong in comparison to the rest of the country. The scarcity of developable land in prime locations for logistics prevented rental rate cuts from becoming prevalent in the overall market. There is strong tenant demand, however, corporate spending approvals have been the barrier. As spending approvals become more attainable, there will not be enough chairs (buildings) left for tenants when the music stops. I continue to believe that New Jersey is underserved from an industrial and housing perspective and am very bullish on the activity our market will see in the next 18 months.
