A panel of seasoned real estate experts provided their perspective on the state of New Jersey’s office, industrial and multi-family housing markets, updated the audience on growing trends and offered forecasts for the year. future. Hundreds of guests from the commercial real estate industry were on hand for the event, including panelists Matt Campbell, director of land acquisition, Toll Brothers; Ian Christ, Managing Director, Prudential Real Estate; Jeff Milanaik, Partner, Northeast Region, Bridge Industrial; Michael Pembroke, Chief Operating Officer, Russo Development; Ryan Sanzari, President, Alfred Sanzari Enterprises; Jonathan Schultz, Managing Director, Onyx Equities.
“We were fortunate to have this panel whose expertise and experience spans decades in the industry,” commented IOREBA President John Johnson, who served as the panel’s moderator. .
Panelists agreed that the last 2 years have been a transformative time for the CRE industry and that it is essential to stay ahead of the trends. They agreed that the market continues to show dominance for certain asset classes and that Covid-19 continues to dominate others and that the trends that developed during the pandemic are here to stay for the foreseeable future.
Despite the current pandemic-related challenges, opportunities exist for NJ’s CRE industry. Demand for logistics, industrial, data center, life sciences and multi-family developments has been extremely strong. The industrial section is the hottest sector dominating the others. The question is, are these areas overheated and overvalued? Time will tell us. Industrial space in the Meadowlands, for example, recently hit $28 per square foot, noted Jeff Milanaik, partner, Northeast region, Bridge Industrial LLC.
Other key takeaways include the opinions of panelists such as Jonathan Schultz of Onyx Equities, who suggested that ways to attract employees to the office will depend on creating contemporary amenities and offering features hospitality in today’s office buildings.
New Jersey continues to undergo a repositioning of its many corporate campuses which are becoming functionally obsolete with archaic zoning in place. The pressure is mounting to design a new kind of office by creating features that will keep businesses coming back. Ryan Sanzari of Alfred Sanzari Enterprises is bullish on Class A office leasing and has seen an increase in activity almost to pre-pandemic levels.
Developers continue to reposition office buildings as multi-family housing with live-work-play amenities with nearby retail that will appeal to the community and businesses. Vacancy rates for multi-family dwellings are below 1.5%. Panelist Michael Pembroke of Russo Development and Matt Campbell of Toll Brothers agreed that collaboration between development companies will be necessary in today’s tight market to move forward.
For more information about IOREBA or to attend an upcoming event, please visit www.ioeba.com
(Visited 1 time, 29 visits today)