High-profile projects in the commercial and health care sectors in New Brunswick (pictured in spring 2024) are sparking a surge in interest from apartment developers hoping to meet the demand from professionals who will need housing.
New Brunswick has always had a flair for the dramatic when it comes to the types of distinctive, multifaceted development projects that have shaped its skyline in recent decades. That’s no different for two high-profile buildings that will open later this year — the Jack and Sheryl Morris Cancer Center and the first piece of the innovation campus known as the HELIX — bringing more than 1 million square feet of commercial and clinical space to the downtown.
They’re also bringing jobs — hundreds, if not thousands — as will Nokia Bell Labs’ new 360,000-square-foot lab and office tower when it opens in 2028. All of which has caught the eye of multifamily builders. As you’ll read in this month’s cover story, developers are laying the groundwork for what could be a new wave of apartment construction in downtown New Brunswick, seeking to meet the needs of workers that will come from the transformative, large-scale commercial projects that are taking shape. City officials say they’ve approved plans for residential projects with more than 2,000 units since the start of 2022, with hundreds more in the pipeline, setting the stage for a major infusion of new housing.
One longtime developer in the city called it “a new renaissance period” with respect to the commercial investment, adding: “Like Monday follows Sunday, the residential development will be there to soak up this new demand.”
Our March issue also includes a profile of The Marketing Directors and its presence in New Jersey, where it has become all but ubiquitous in the luxury apartment boom in Jersey City and other top markets. That’s allowed the residential development advisory firm to grow well beyond its New York City roots since it crossed the Hudson River some three decades ago, offering not only its flagship sales and leasing services but the critical research and consulting it provides to builders during site acquisition, design and other phases of development. To date, the firm has leased more than 30,000 apartments across 123 rental properties in New Jersey, while selling another 5,400 homes in 34 condominium projects, making it a dominant player in the space.
Elsewhere in this edition, we highlight the role that the fast-spreading pickleball craze is playing in New Jersey’s commercial real estate market. Our story by Marlaina Cockcroft explains, detailing how indoor pickleball courts can fit into both retail and light industrial space, often with features such as food and beverage service and member lounges. We’ve seen all of the above in recent years as national operators and franchises such as Pickleball Kingdom, Sportime Pickleball and The Picklr race to expand in New Jersey, where they’re drawn to the region’s dense population and high household income.
You can find those stories and more in our March issue, as we close out what felt like a fast-moving first quarter that had no shortage of New Jersey commercial real estate news. Here’s hoping that there’s more to follow in the spring.
Until next time, thanks for reading and enjoy the issue!
Joshua Burd
Editor
