Page 9 - RE-NJ

EDITOR ’S
NOTE
and moderate-income homes under
the Fair Housing Act. That includes
the potential for “bonus credits”
for municipalities that include
supportive housing in their projects,
from homes with modifi cations for
residents with physical disabilities
or social services for those with
autism, depression or other
behavioral challenges. The mission
now, advocates say, is to make sure
developers and municipalities are
aware and taking advantage of the
opportunity.
Our Summer issue also includes our
coverage of a new 220-unit luxury
multifamily project in Warren, a
fi rst for the largely rural community
in Somerset County. Built by
Canoe Brook Development, the
property has seen strong demand
since hitting the market with its
upscale homes and amenity spaces,
RIGHT PLACE,
RIGHT TIME
Veterans of industrial real estate
will tell you that the recent pullback
is both healthy
and not entirely
surprising in
the context
of history,
following a
pandemic-
fueled peak
of record-low
vacancy and
soaring rent growth. Yet there’s no
denying the hole that was left in
the New Jersey market when the
demand from ecommerce and retail
players dried up in the midst of a
speculative construction boom.
Enter the likes of Elogistek, Weida
Freight System and many other
Asia-based third-party logistics
fi rms that have leased large blocks
Elsewhere in this Elsewhere in this
of warehouse space over the past
edition, we highlight dition, we highlight dition, we highlight
24 months. As you’ll read in this
month’s cover story, that’s been
a component of a component of a component of
critical for many Garden State
landlords, creating new demand and
New Jersey’s new
helping to fi ll excess inventory after
affordable housing
the recent development surge. A
spike in 2024 — when the offshore
law that could
fi rms accounted for some 42 percent
of all Class A industrial leasing in
help spur a major
the state — has given way to a more
expansion of homes expansion of homes xpansion of home
modest pace in 2025. Yet developers
expect Asian 3PLs to continue to
for reside for residents with
loom large going forward, even with
the cloud of a trade war between
special need special needs.
the U.S. and China.
“We’ve been seeing these proposals
for probably over three years at this
point,” said David Greek, managing
partner of East Brunswick-based
Greek Real Estate Partners. “But
they really haven’t hit the comp
sheets until last year because not
many of them were actually able to
lease space when the market was a
lot tighter.”
Elsewhere in this edition, we
highlight a component of New
Jersey’s new affordable housing
law that could help spur a major
expansion of homes for residents
with special needs. At least, that’s the
hope of advocates and developers
involved in the supportive housing
sector. The new law, enacted in 2024,
created a framework to address each
municipality’s unmet need of low-
which bodes well for a project that
will also help the town satisfy its
affordable housing obligations.
You can fi nd those stories and more
in the latest issue of Real Estate
NJ, which comes with summer well
underway here in the Northeast.
While we’re looking forward to
the next two months, we’re even
more excited for our Sept. 10 event
— The Road Ahead for Industrial
— where we’re lucky to have an
esteemed panel of developers and
other market experts. We hope
to see many of you there at The
Highlawn on West Orange.
Until then, thanks for reading, enjoy
the issue and enjoy the summer!
Joshua Burd
Editor
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