The Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA), hosted its 22nd annual Developer’s Night event with a crowd of over 300 professionals in attendance.
“There is a lot of capital out there and the fundamentals in all market sectors are excellent, there is more job creation, and I see good things happening for all of us in 2014,” said Andrew Merin, vice chairman, Cushman & Wakefield of NJ, the moderator of the evening’s panel of expert speakers.
Industry experts analyzed trends in New Jersey’s commercial real estate marketplace including designing office space towards the growing workforce of Millenials, the development of work-live-play environments, the implementation of New Jersey’s business incentive programs, and e-commerce and technology companies flocking to the state.
William Glazer, president and CEO of Keystone Property Group explained the iPhone and iPad phenomena have created neat and timely opportunities to make money in the office sector in New Jersey.
“It is huge where the office market is trending. It’s a simple equation — a change in demographic plus a change in technology equals a fundamental change in the way we work and our workspace. And, while the suburban office complex will not go away, real estate needs to respond to these technology innovations.”
New Jersey is positive in the creation of live-work-play environments, and developers in the state are becoming increasingly focused on these mixed-use developments.
“Residents need transportation and amenities, and we need a good quality mix of these things in our cities,” noted Eugene Diaz, principal, Prism Capital Partners.
Further adding that he applauds what the current administration has done bringing in a field of incentives that are broader and further reaching, Diaz said, “They have made terrific moves in our incentive programs, and it took a lot of guts to do.”
Gus Milano, managing director of Hartz Mountain Industries also applauded the state’s current administration.
“The New Jersey Economic Development Authority has been extraordinarily responsive andhas the right attitude towards business.”
The e-commerce and technology industries are closing deals in New Jersey promoting significant industrial development and job creation.
“The past two to three years have been pretty good for the industrial market. There are true incentive programs promoting job growth making it important for thestate to get development done quickly,” said John DiCola, partner of KTR Capital Partners. “Companies want to be in New Jersey, closer to the New York Metropolitan area consumers. Any large requirements for space are not trending towards Pennsylvania anymore — they want to be in New Jersey,” he added.
Industry experts agreed on a bullish outlook for New Jersey’s commercial real estatemarket moving into 2014.
“With strong fundamentals and a large and diverse group of investors bringing capital intothe state, there are no signs of a slowdown in the near future,” added Marc Graham, 2013-2014 president of IOREBA and senior director of Cushman & Wakefield of NJ.