Accounting giant BDO is expanding its real estate, construction and hospitality practice into New Jersey.
Assurance Partner Anthony LaMalfa will be moving from BDO’s New York City real estate practice to the Garden State as the company moves to localize its services and tap into the record-setting pace of Jersey deals.
Last year, New Jersey’s industrial market experienced one of the most active in its history, according to Transwestern’s Fourth-Quarter 2016 Industrial Market Report.
“Industrial tenants are flocking to New Jersey as a shift in trade volume to the East Coast is increasing the demand for an already constrained supply,” said Transwestern Managing Director Alex Previdi. “Double-digit rents are becoming more common in New Jersey, allowing landlords to continue to recover losses from the most recent recession.”
Demand in the multifamily sector has also pushed developers to bring more rental units to the area. Marcus & Millichap reported that 8,500 units were built last year, up from 6,800 the year before.
According to Marcus & Millichap’s 4Q 2016 report, households and businesses are moving across the Hudson, driven by rising costs in New York City.
Companies are adding thousands of jobs to the Northern New Jersey workforce, induced by lower operational costs, while renters are finding greater housing affordability across the Gold Coast, even in high-end construction.
Job growth has surged as a result, accounting for the greatest annualized addition of the current cycle and supporting household formation that is filling new rentals at a prompt pace. Multifamily development is at an all-time high in order to meet record demand.
According to BDO’s LaMalfa, “We are excited for the opportunity to better service the NJ marketplace, specifically within industrial, commercial, and multi-family real estate which we see poised for significant growth.
“Our team of industry experts will add significant resources to serve our existing clients, and our growing client base, to meet the demand for these services.”
BDO’s Woodbridge, NJ, office also focuses its services on the Manufacturing & Distribution, Life Sciences, Technology, and Insurance and Banking industries.