An unscientific poll? Yes, of course it is. But the results are worth sharing as we begin a new year and march ever closer toward the end of the current cycle, whenever it may come.
The question was simple: “How is 2019 looking for you?”
The responses were varied, but generally positive:
“I think we’ll be busy.”
“Things are looking good.”
“It’s going to be great.”
Among those of you who shared your thoughts throughout December — often at holiday parties and other events — the worst thing I heard was “I’m not sure yet.” And if uncertainty is the worst thing we have in the year ahead, I think we’re well-equipped to take our chances.
Only time will tell. In the interim, we’re thrilled to begin our third full year of Real Estate NJ, the only New Jersey-based publication dedicated exclusively to commercial real estate. Like many of you, I’m optimistic about the year ahead and the fact that the industry continues to evolve. Not to mention that demand continues to be strong for industrial and residential projects, while we see continued ingenuity in the office and retail sectors.
We cover all of the above in our special Market Forecast section, which we’re happy to bring back for 2019. Once again, we bring you a collection of insightful and well-informed predictions from some of the industry’s top developers and service professionals, who cover everything from e-commerce and laboratory space to incentives and Opportunity Zones.\
Our January issue also features a detailed interview with the leaders of Bergman Real Estate Group, which recently marked its 30th anniversary. As you’ll read in our story, the firm has become a fixture in New Jersey’s office sector as an owner-operator and value-add investor, one that has stuck to its core objectives while pivoting in how it reaches those goals. The Woodbridge-based company is now creating value at its buildings with what it sees as cutting-edge amenities and features, including co-working space, massage rooms and espresso bars, all in an effort to adapt to the state’s aging suburban office market.
Meantime, we bring you a feature on one of the most impactful projects in downtown Jersey City, the four-building development known as the Columbus Collection. The complex, built by Ironstate Development Co. and Panepinto Properties, has brought nearly 1,500 apartments, a 152-key hotel and commercial space to a stretch of Columbus Drive over the course of 15 years. In the process, it has anchored the resurgence of a neighborhood just a few blocks from the Hudson River, paving the way for other projects in the booming submarket.
As we prepare for 2019, thank you to those of you who participated in this year’s Market Forecast, along with everyone else who has supported Real Estate NJ to date. We look forward to another busy year in the state’s commercial real estate sector and wish everyone the best of luck. As always, please don’t hesitate to reach out with your questions, feedback and story ideas. Happy New Year and enjoy the issue!