The state’s industrial and office sectors both faced headwinds in 2023, but the year ahead for each asset class may be decidedly different. That was a key takeaway last week from panelists at NAIOP New Jersey’s Annual Meeting and Commercial Real Estate Outlook, who noted that demand for warehouse and logistics space has normalized after a record-breaking run during the pandemic. Office landlords, meantime, are still grappling with shrinking corporate footprints and remote work policies, further straining submarkets that are both aging and oversupplied.
On the job
As you’ll read in this month’s cover story, veteran planner and public policy expert Dan Kennedy has a full plate of advocacy issues ranging from flood hazard and stormwater regulations to infrastructure and stranded assets. Fortunately, he brings nearly two decades of experience that includes key roles in state government and six years with the Utility and Transportation Contractors Association of New Jersey.
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.