As we say goodbye to 2021, New Jersey’s robust commercial real estate industry has a lot to look forward to in 2022. Whether it be the ever-increasing demand for new industrial space or the development of new and/or expanded tenant spaces as employees continue their return to the workplace, construction activity will likely continue to surge in 2022. Notwithstanding such, however, landlords and tenants must remain mindful that COVID-19 will continue to impact the commercial real estate industry next year and beyond.
It’s here: Preparing for the upcoming recreational cannabis haze and craze
It is anticipated that state regulators will unveil the application process at any time within the next several weeks in order to commence the processing and issuance of recreational cannabis licenses in New Jersey. Thus, there is considerable excitement amongst real estate operators and potential cannabis businesses for the inevitable rapid and (likely) significant growth of the cannabis industry in New Jersey in the coming months and years. Notwithstanding such, as cannabis businesses will be highly regulated at both the state and local level (and remain illegal under federal law), it is critical that property owners and business owners fully evaluate the many regulatory, zoning, operational, and financing challenges associated with utilizing properties for cannabis uses.
Murphy Schiller & Wilkes LLP
MSW represents a wide range of clients, including major national and international developers, national and local lending institutions, institutional investors, family offices, landlord and tenants and other owners and developers of real property. Our boutique nature and multidisciplinary model has allowed the firm to represent a diverse array of clientele, from the largest real estate development and private equity firms in the country to smaller family offices based in New Jersey.
