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OWNERS COUNCIL Q&A
JEFF MILANAIK
PARTNER, NORTHEAST REGION
BRIDGE INDUSTRIAL
How do you feel about the
market?
Our industry, like all
others, has seen an ebb
and flow since 2020. While
we received the benefit
of thriving business
immediately following the
pandemic, the last few years
have brought us stabilization.
As seasoned professionals
in the industry, Bridge
Industrial recognized that
the level of activity we had
during COVID could not be
sustained for an extended
time. In fact, as early as
2022, in my role as NAIOP
Corporate Chair, the signs
of a shift began to appear,
and activity began to shrink.
However, as we are heading
into the end of 2024, we
are beginning to see signs
of increased activity and
customer demand.
Did you learn anything new
about your business (or
the industry) in 2024?
At our weekly meetings,
we speak honestly about
the market shifts, and how
to stay focused and aligned
on expectations. This has
helped us continuously
assess the position we’re
in, to be able to weather all
outcomes. The mantra ‘Stay
alive to ’25’, a spinoff from
the ’90s recessionary mantra
‘Stay alive to ’95,’ became the
go-to phrase at our meetings.
Fortunately, this slowdown
has been less dramatic than
those we have experienced in
earlier cycles.
Besides the capital
markets, what is a major
challenge that the industry
still faces?
One of the major challenges
we face in New Jersey is
the regulatory and approval
process for new projects.
Home rule, coupled with
the multiple agencies and
requirements that need
to be navigated, make the
timelines for approvals
difficult to project.
Where do you see
opportunity outside the
Garden State?
Bridge Industrial is very
active in the tristate area
with projects in Brooklyn,
central and northern New
Jersey and Philadelphia. All
are high-quality, last-mile,
infill locations.
How is technology helping
your business these days?
Over the last few years
Bridge Industrial has
invested substantially in
industry-leading tech and
building a communications
platform. We now have the
ability to gather real-time
data on real estate available
across all the markets in
which we are focused.
Having this information
immediately at our
fingertips, and the ability
to communicate almost
instantaneously among our
stakeholders allows us to
be focused and nimble and
move with conviction.
Getting To Know You
FAVORITE JERSEY DINER
Harold’s, of course
YOUR NEWEST HOBBY OR INTEREST
Sporting clays
FAVORITE DAY TRIP OR VACATION SPOT
Avalon, NJ
TV SHOW, MOVIE OR BOOK YOU’D RECOMMEND
Th e New Kings of New York
IF I WEREN’T IN COMMERCIAL REAL ESTATE, I’D BE…
A philanthropist