Market Sectors
Newmark: Fairfield office building hits 85 percent occupancy after new 18,000 sq. ft. lease
A new tenant is coming to a Fairfield office building after inking a lease for some 18,000 square feet, marking the latest deal at the property by brokers with Newmark Associates.
Randolph tract approved for 35 homes, retail space fetches $4.5 million, C&W says
A developer has acquired a parcel in Randolph with plans in place for 35 housing units and more than 4,000 square feet of retail space, in a transaction arranged by Cushman & Wakefield.
NFI, Penwood detail Exit 5 logistics project with joint venture, financing arranged by JLL
A joint venture has landed a $54 million construction loan to build more than 528,000 square feet of new industrial space in Burlington County, in a set of deals arranged by JLL.
On the horizon
Two key asset classes in New Jersey have become inextricably linked in the last two to three years, as local governments increasingly turn to their aging office stock to fill the state’s housing deficit. 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.
A changing landscape: Development leaders expect office-to-residential conversions to slow, be reimagined
Some veteran real estate experts are predicting “multifamily fatigue” in the Garden State as towns deal with the latest round of state-mandated affordable housing obligations, potentially reshaping the state’s development scene and the pipeline of residential projects.
