Mark Shearer
Senior Managing Director, NJ/PA Development
Rockefeller Group
How do you feel about the market?
The fundamentals of the market still feel healthy on the industrial side. Demand is less robust than it’s been the past three years and more normalized to pre-pandemic levels.
Where do you see opportunity in New Jersey?
Opportunities for industrial remain along the New Jersey Turnpike corridor. Because there is a lack of available land, we feel the opportunities will come from the redevelopment of contaminated sites and demolition of underutilized office complexes, and the conversion of obsolete industrial facilities. The Port and demographics continue to drive demand for space.
Where do you see opportunity outside New Jersey?
For our region, we see Southern New York (Dutchess, Rockland and Westchester counties), Long Island and Philadelphia as industrial opportunities. Farther south, we see sustained demand in Savannah, Charleston and Greenville/Spartanburg, to support population growth and industrial onshoring.
What’s been the biggest surprise of 2023?
Nothing has been shocking but actually pretty predictable. However, I do think it’s a bit surprising how fast the large users have paused their space pursuits and expansion plans. And how caution in the lending sector has limited available debt and slowed construction starts.
What is the biggest challenge facing the industry?
The biggest challenge facing the industry is uncertainty in the capital markets. Capital markets in real estate are being negatively affected by the uncertainty of values in the office market. This is having a ripple effect on the other markets, specifically industrial. Because office is in flux, allocation decisions aren’t being made, and many capital sources are on the sideline.
Give us a prediction for the fourth quarter.
I predict capital markets will stabilize in the fourth quarter and that additional investments will flow to the industrial sector.
Getting to know you
Food or beverage of choice
After a long day, give me a Tito’s vodka martini.
Favorite Jersey restaurant
I have so many favorite restaurants but right now I’m all in on the Grand Vin in Hoboken and anything off their specials list.
Best way to blow off steam
I enjoy spending time with my family. We are spread out across the country, but we work hard to make time to get together.
Favorite vacation spot
I enjoy spending time in the Outer Banks in North Carolina. It’s a low-key spot where I can actually drive on the beach.
TV show, movie or book you’d recommend
Quarterback on Netflix is really good. It shows how much preparation and effort go into having a successful career.
