Page 5 - Issue 46 Oct2020

REALESTATENJTM 3
EDITOR’S NOTE
RAISING THE
STAKES
The pandemic and the resulting economic fallout have rightfully dominated public discourse for most
of this year. The same is true in Trenton, where virtually every other policy debate has taken a backseat to helping New Jerseyans
weather the storm. Yet we can’t help but wonder about other issues that are near and dear to the commercial real estate industry.
Look no further than liquor license reform, an issue that has in fact
been dormant but still looms large in this current climate. It’s a longtime priority for NAIOP New Jersey and other trade associations that tout the benefits of expanding the system,
northwestern corner of Hoboken, which offers the last large untapped section of the Mile Square City. Local officials and developers are particularly focused on a 30-acre zone known as the North End, with an eye toward creating the type of neighborhood that has emerged elsewhere in the city. The area has attracted developers such as Bijou Properties and Advance Realty Investors, both of which have track records of bringing in retailers and other services to go with new luxury residential units.
Elsewhere in this edition, we detail a fast casual restaurant chain’s plan to grow in New Jersey. That growth is
a long time coming for Jersey Mike’s Subs, which was founded at the Jersey Shore and remains headquartered there, but has spent three decades growing outside the state. With nearly 2,000 stores across the country, the brand is now experiencing its most impressive growth to date in northern and central New Jersey. It now has 100 stores open north of Interstate 195 and another 60 locations in development, with ambitions that should be welcome news to retail landlords.
As we’ve been reporting for months, the pandemic has done little to slow certain segments of the market,
including the industrial sector and the pipeline for luxury apartments. On the flip side, retail remains extremely vulnerable. What we have learned more recently is that the New Jersey office market showed some resiliency in the third quarter, so hopefully
there is more to come between now and the end of the year. Presidential election notwithstanding, the industry has shown a continued willingness to make up the ground we lost early in the spring.
Until then, thank you for reading and for your continued support. Enjoy the issue!
Joshua Burd
Editor
josh@re-nj.com
W
hat we have learned
more recently is that
the New Jersey office
market showed some
resiliency in the third
quarter, so hopefully
there is more to come
b
etween now and th
e
end of the year.
but subject to fierce opposition
from existing license holders. In
this month’s cover story, we discuss how COVID-19 may have only raised the stakes for this issue. Supporters say the need to make licenses more affordable and available is even greater amid the widespread struggles of restaurants. But that’s unlikely to sway businesses that have already paid a hefty price for the right serve alcohol, who have long feared that their investment would be devalued.
Our October issue also highlights the growing effort to redevelop the