Improving economic conditions have led to an improvement in the NAIOP CRE Sentiment Index, indicating both overall optimism and several ongoing concerns. However, respondents are now more pessimistic about construction costs than in any prior survey, and most expect construction labor costs to increase.
The future of office work has arrived
The economic rebound is fueling job growth in office-using sectors, which comes as the state lifts requirements that employers accommodate telework arrangements. Now that the future has arrived, I am sure that all employers would agree that employees are the most critical resource for success. Striking the right balance for the new workplace will likely be case-sensitive, and will no doubt take some time and a great deal of patience.
Geopolitics and demographics impact commercial real estate in our region
Our state is making headlines these days in a number of good ways. One contributing factor is certainly geopolitics, the study of how place matters. While this term is more often used to describe countries and explain the origin and source of their wealth, culture and military strategy, we can also see how this applies at the state level.
New Jersey needs turnkey lab space, faster approvals to compete for life sciences users
Experts say New Jersey faces a growing challenge: While it’s still a major draw for pharmaceutical research and development, speed to market has become increasingly important to life sciences users. That means the state’s lack of move-in-ready lab space — and its lengthy approval process for new construction — puts it at a disadvantage to competing markets.
Announcing NAIOP New Jersey’s annual gala honorees
It’s always exciting when NAIOP New Jersey unveils the honorees at its annual gala, a must-attend event in the state’s commercial real estate industry. Slated for later in the calendar, on Oct. 7, in hopes that we can all actually gather in person, this year’s program is headlined by Peter D. Sudler of Sudler Cos. and the talented team at Gensler, who will receive the association’s Impact Awards.