Policy Page
NAIOP NJ’s New Year’s resolution: Let’s get the next Energy Master Plan right
Overhauling the Energy Master Plan is an opportunity for impacted stakeholders, like you, to help improve what is currently an unrealistic policy document that has done little to accelerate achieving its lofty goals. Perhaps most striking about the current EMP is it lacks an unbiased estimate of what it’ll cost ratepayers, including commercial real estate owners and tenants. Gov. Phil Murphy acknowledged this glaring omission when he announced the 2024 EMP will “seek to better capture economic costs and benefits, as well as ratepayer impacts.”
Hospitality: A real game changer — it all comes down to people
In prepping for this piece, I reviewed the 72 articles I wrote since 2017 to identify common themes. Unsurprisingly, the common denominator was the crucial need to change how we do business with the end goal of improving people’s lives for a simpler and better quality of life — one that is less taxing and costly and more efficient and effective.
Earth Day 2023: Leave it better than you found it (and how CRE is a driving force)
One of the things I learned when I was a Boy Scout was to always leave your campsite better than you found it. Clean up any trash and don’t disturb the area more than necessary for pitching your tent and building a fire for cooking and staying warm. It might also mean leaving some chopped firewood for the next camper. That concept has remained with me, and I’m reminded of it whenever I’m encouraged to “reduce, reuse and recycle.” What a great lesson and advice for all of us to help celebrate this year’s Earth Day on April 22.
Premature electrification: Will we really have the power to last?
I admire the governor’s confidence that our utility companies and infrastructure will be ready to satisfy this new desire for electric power. However, it is unclear if New Jerseyans will be clamoring for more electricity. Most New Jerseyans can neither afford the price of an electric vehicle nor the additional costs of electric appliances, nor the utility itself. Nevertheless, I applaud the governor for prioritizing the need to combat climate change through an accelerated target of 100 percent clean energy by 2035, ambitious goal-setting for electrification of the state’s building sector with an additional 400,000 residential and 20,000 commercial units by 2030 and collaborative planning for the future of the state’s natural gas utilities.
Creative deals fueled by investors’ demand for niche property types
The consensus of this year’s Emerging Trends in Real Estate report for the U.S. and Canada report is one of cautious optimism that we will ride out any near-term slump and be well positioned for another period of sustained growth and strong returns, although a short and mild recession is expected. The article also highlights 10 trends for 2023, many of which have led to creative project deals throughout New Jersey.
