Despite the ongoing adverse impacts from the COVID-19 pandemic, some experts report that the macroeconomic trends are looking favorable nationally, and especially for New Jersey, but it’s going to be pretty slow going. Marked differences exist among the various sectors, not all of which have bottomed out yet.
Much of the workforce has been absent from offices/workplaces and transportation systems since mid-March. Has this absence “made hearts grow fonder” to return? Not entirely, according to some experts.
More than 1,000 industry professionals have registered for this week’s I.CON event, NAIOP’s flagship conference for the industrial sector, despite its move this year to a virtual format. And with an industry that appears to be as bullish as ever, organizers believe they can still deliver the kind of experience and value that attendees have to come to expect from the annual gathering.
With eyes on recovery, Gov. Phil Murphy has formed a “cabinet-level” advisory commission to focus on the macro issues, including resilience, infrastructure and messaging, and a Restart and Recovery Advisory Council with subcommittees to work out the details of how and when various sectors of the workforce will resume operations. Landlords and tenants will confront myriad issues as the stay-at-home restrictions are lifted and businesses reopen under a new set of protocols.
Industrial developers and companies seeking logistics space are unlikely to face lasting damage from the coronavirus pandemic, experts say, but the market is still poised for major changes amid disruptions to supply chains and consumer spending habits.
A team of Villanova University students took top honors for this year’s NAIOP New Jersey case study competition, offering a winning plan to repurpose a former silk mill in Paterson.
My original plan for this Earth Day was to report on New Jersey’s sustainability challenge and how commercial real estate is adapting to natural, governmental and market forces. Given the magnitude and velocity of the COVID-19 disruption that is hourly reshaping our economy, industry and very existence, that plan quickly evaporated. Instead, this piece discusses the general impact of COVID-19 on our economy, and how CRE developers, owners, asset managers and affiliated professionals are meeting these challenges, assisting in relief efforts and informing government at all levels on how best to navigate their strategic response.
NAIOP New Jersey has announced a new date for its iconic commercial real estate awards gala, as residents and businesses continue to weather the impact of the COVID-19 pandemic.