The path is by no means clear, not even by the most optimistic accounts. But new guidelines on addressing New Jersey’s affordable housing deficit is a key starting point for builders and advocates as they mull the next phase of residential development in the state. Stakeholders have said as much in recent weeks, conveying cautious optimism even as they grapple with the financial hurdles, legal battles and political debates that have slowed housing production in the past.
Residential & Mixed Use
The construction boom in New Jersey is no more evident than in the multifamily and mixed-use sector, thanks to changing demographics and the demand for urban-style living, even in the suburbs.
Owners Council Q&A: Jack Morris
I’ll always be bullish on New Jersey. As with any market, we may need to endure some ups and downs, but our state’s fundamentals give us a high floor and a very high ceiling. Qualities like access to New York City, a highly trained workforce, great medical facilities and care, an array of recreational assets and municipalities that are attractive to families give New Jersey long-term appeal. Also, citizens value safety and security, and I want to give kudos to the incredible law enforcement professionals who serve our communities in New Jersey each and every day.
Owners Council Q&A: Katie Kurtz
In many property types, the market remains at somewhat of a standstill, with the high cost of capital making desired return metrics hard to hit. However, the strength of the multifamily and industrial sectors allows smart investors to transact. The promise of further rate cuts does bring reasons for optimism. Predicting the exact industry response is challenging though, as it will take time for the market to adjust to the new rates and benchmarks before transaction volume picks up.
