What are the biggest challenges to construction and redevelopment in New Jersey? We assembled a panel of industry experts to tackle this month’s question.
RXR Realty has completed the $368 million sale of six office buildings in Short Hills and Madison to Mack-Cali Realty Corp., according to HFF, in a high-profile trade involving one of the state’s most high-end suburban submarkets.
Experts say the struggles of New Jersey’s suburban office market are not as clear-cut as many still believe. Those challenges are in fact real, but there are still plenty of opportunities for owners and developers to make a splash.
With an uptick in demand that started last fall, lenders with Investors Bank have financed more than $100 million in commercial real estate transactions in recent weeks.
With a goal of reshaping its footprint as a “totally class A portfolio,” Mack-Cali Realty Corp. has sold more than 35 of its office buildings since the start of 2016, the company said, reaping more than $700 million from properties that it deemed nonstrategic or underperforming.
The U.S. economy is nearing the end of its current expansion cycle, but there are still reasons for optimism about the commercial real estate market in New Jersey and nationally.
