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Upbeat Outlook For New Jersey Commercial Real Estate
The state's chapter of the commercial real estate group NAIOP presented an outlook for 2014 Wednesday night that was cautiously optimistic after the years the industry has suffered since the Great Recession. The panel included James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers, who talked about the leverage the state will gain as a result of Rutgers' merger with the University of Medicine and Dentistry of New Jersey and its entrance to the Big Ten athletic conference.
Other panelists, including Mitchell Hersh, president and chief executive of Mack-Cali Realty, and Richard Tucker, president and CEO of Tucker Development, said that money, international and domestic, is ready to finance the right project.
Hersh said there was 'an abundance' of capital.
Tucker also added, "When you find the right real estate opportunity, capital will follow...The real issue is finding the right deals."
The panel addressed nearly 300 people who attended the NAIOP event, formerly the National Association of Industrial and Office Parks, at the Short Hills Hilton. Several speakers said the state's revised economic-incentives law was critical in attracting business to New Jersey.
"To the extent that NJ now has this legislation as a tool in the toolkit, it is hard for a company not to at least carefully evaluate the economic opportunities in NJ," Hersh said.
Hughes began the discussion be predicting that New Jersey, after a dip at the end of the year, the state lost 36,000 jobs in December, will continue with its 'very good employment trajectory' and see continued private-sector job growth.
'With the strong national economy, New Jersey should have a reasonably good year in 2014," Hughes said.
Article courtesy of North Jersey Media Group, Inc. and NorthJersey.com
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