By and large, it’s been a decade of good news for New Jersey industrial’s sector. I’m certainly thankful for the steady stream of updates on deals and developments up and down the state, especially in a pandemic that has threatened other asset classes.
That can also present a challenge as we look to keep our content fresh, nuanced and informative in an area that has been so consistent. Fortunately, the industrial sector continues to help us in that regard, as do the brokers and developers who are on the ground and willing to keep us apprised of some of the more subtle changes in the market. Look no further than this month’s cover story, where we discuss how parking requirements have soared alongside tenants’ search for warehouse and distribution facilities. The growing demand — which is often tied to the use of large delivery fleets in large population clusters — is now spurring changes in building design and creating new revenue streams for landlords. It’s also adding to an already robust appetite from investors that have been chasing industrial deals for the last several years now.
Our August issue also highlights a recent program hosted by Gensler and the state Economic Development Authority, where panelists discussed ways to revive or repurpose so-called stranded assets — obsolete, often vacant malls and office parks in New Jersey. It’s been a long-running theme for our state’s business and political leaders. In our story, by Marlaina Cockcroft, stakeholders say one key is to make the sites an essential part of their communities. That can mean increasing the amount of public green space or adding mixed-use elements, options that are perhaps more feasible with a selection of newly announced funding tools that the EDA is offering to municipalities.
Elsewhere in this edition, we catch up with local leaders of the Society of Industrial and Office Realtors as they guide the New Jersey chapter out of the pandemic. The organization, like so many others, is eager move forward after a year of virtual programs and finding creative ways to keep its members engaged. To that end, SIOR New Jersey has already resumed in-person events and has several others in store, as we discuss with chapter President Jason Crimmins and Vice President Alex Conte, who will take the reins in January.
You can find those stories and more in the latest issue of Real Estate NJ, which follows a busy month of July in New Jersey commercial real estate. Readers of The Briefing, our daily e-newsletter, will know that this summer has been anything but slow. That’s no surprise, considering the continued momentum of industrial and multifamily projects, along with pent-up demand in other asset classes. Let’s hope for more of the same as we close out the summer and look ahead to what will likely be an even busier fall season.
Until then, thanks for reading and enjoy the issue!