Page 9 - RE-NJ

EDITOR ’S
NOTE
ON THE HORIZON
As with many of the topics we
cover, the redevelopment of dated
suburban offi ce buildings in New
Jersey is a recurring theme. It
has been for more than a decade,
especially when it comes to projects
that call for razing these structures
to develop new luxury apartments.
As you’ll
read in this
month’s cover
story, the two
asset classes
have become
inextricably
linked in the
last two to
three years, as local governments
increasingly turn to their aging
offi ce stock to fi ll the state’s
housing defi cit. Some have done so
proactively, but others are acting
out of necessity as they race to
comply with New Jersey’s updated
affordable housing law. That’s
causing some market leaders to
wonder if municipalities will face
“multifamily fatigue” after the
latest round of mandates and the
corresponding land use planning,
which has played out across the
state over the past 12 months.
“It would have been a slow, painful
process but for the affordable
housing rounds that we’ve just
come through,” Stephen Santola,
executive vice president and general
counsel for Woodmont Properties,
said during a Real Estate NJ
panel discussion, referring to the
recent wave of offi ce-to-residential
redevelopment plans in New Jersey.
Yet he believes that local offi cials
are now “going to shut it down for
a while” after complying with the
controversial housing law, adding:
“There’s a lot of multifamily fatigue
across the state on the political
end.”
Real Estate NJ was lucky to have
Santola and fi ve other experts join
us for one of two featured panels
at our Dec. 9 event — “The State
of Redevelopment: Multifamily and
Mixed-Use” — at The Highlawn
in West Orange. The discussion
centered on all things land use
in New Jersey, from traffi c and
infrastructure to the growing
demand for open space. But its
focus on offi ce redevelopment and
™ 7
affordable housing was especially
timely as that process continues
in New Jersey, making for a
compelling program that drew a
standing-room-only crowd.
Our January issue also has our
must-read interview with now-
former Jersey City Mayor Steven
Fulop, who stepped down on Jan.
14 after 12 years in the role. The
conversation centers on how the
progressive Democrat embraced a
pro-growth agenda during his three
terms, allowing the city to become
even more fi rmly entrenched
as the epicenter of multifamily
construction in New Jersey. Fulop,
who now leads the infl uential
Partnership for New York City,
famously leveraged that demand to
expand development beyond Jersey
City’s downtown and waterfront
districts, having also boosted
access to affordable housing while
spearheading high-profi le, public-
sector investments that supported
major social, cultural and quality-of-
life initiatives.
You can fi nd those stories and more
in our fi rst issue of 2026, which
also includes our annual Market
Forecast featuring a top-notch
group of owners, builders and
service providers. I would never
expect a consensus, but it was
clear from our industry experts that
capital and confi dence has returned
to the market in a way not seen
in several years, setting the stage
for continued momentum in New
Jersey’s commercial real estate
sector. We’ll be there to cover it all
in these pages and in The Briefi ng,
our fl agship morning email blast.
Until then, thanks for reading, enjoy
the issue and best of luck in 2026!
Joshua Burd
Editor
josh@re-nj.com
Cutting-edge strategic thinking and innovative execution are
the hallmarks of the CSG Law Real Estate Team.
We work shoulder-to-shoulder with our clients, calling upon our
extensive private and public sector experience to forge
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