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
The New Kings of New York
If I weren’t in commercial real estate, I’d be…
A philanthropist