Enacted as part of the 2017 federal Tax Cuts and Jobs Act, the Opportunity Zones program will bring development into low-income areas. While investors and developers take steps to form Qualified Opportunity Funds (QOFs), Langan is well positioned to support substantial improvement projects among the 169 tracts within 73 towns in New Jersey. In fact, because of our near half-century of providing engineering and environmental services in our state, we have the right experience and site knowledge to help maximize investments in our OZs.
The proliferation of e-commerce spiked leasing velocity in 2016 and 2017 due to significant demand for big-box and mega-box spaces.
Limited supply of big-box space across the state has stalled leasing velocity for YTD 2018.
There are only five (5) availabilities in excess of 500,000 square feet in the state.
Tenants have expanded the geographic scope of requirements into Southern New Jersey and Lehigh Valley to accommodate immediate needs.
Transit hub markets continue to report lower vacancy rates and higher rental rates compared to the suburban New Jersey office market. Green signals expected to return as companies pursue office space in proximity to walkable amenity-rich areas with access to mass-transit.
Office buildings within the state’s transit hub market record lower vacancy rates and higher rents compared to suburban spaces, according to JLL’s annual research report. Companies continue to pursue office space in proximity to walkable amenity-rich areas and with access to mass-transit options for their workforces and clients.
Now in its 22nd year, the 2018 Governor’s Conference on Housing and Economic Development takes place October 2-3 at Harrah’s Waterfront Conference Center in Atlantic City with over 100 dynamic speakers and a special keynote address by Governor Murphy.
At mid-2Q 2018 only three Class A industrial buildings larger than 500,000 square feet were available for lease throughout New Jersey. The shortage of space caused leasing to slow down at the start of the year without any big-box leases signed in first five months of 2018. On a positive note, five buildings greater than 500,000 square feet are set to break ground in 2018.
In early 2018, throughout the Northern and Central New Jersey office market, nearly 38.0 million square feet of direct and sublet space was marketed for lease. Buildings constructed since 2010 comprised less than 1.0 percent of the available space, as office occupiers gravitated towards newer product. An empty construction pipeline will challenge tenants seeking modern work environments prompting owners of vintage inventory to invest in improvements and upgrades that fulfill tenant requirements.
The legal mastermind behind Hotel Indigo, One Theater Square, The Rock and so many more Newark developments, Frank Giantomasi, will be in the hot seat at NJPAC’s First Annual Celebrity Roast.
Changes in consumption patterns continue to shift retailer demand away from brick-and-mortar storefronts to industrial facilities with immediate access to large swaths of the U.S. population. In 2017, traditional and e-commerce retailer requirements exceeding 200,000 square feet totaled 7.8 million, representing a 120 percent increase over the 2016 total of 3.6 million.
Tax reform has been a hot topic, especially in the real estate industry. After all, real estate and construction industries have a significant impact on the U.S. economy. Wiss is proud to advise the industry on all the new changes. In our Tax Reform Manifesto for the Real Estate Industry, we explore the recent tax reform and how you or your business could be affected.