2020 has arrived and is moving quickly. To get a better sense of what’s to come, Jackie Madden and other thought leaders have provided their predictions in Real Estate NJ’s 2020 Forecast.
Live. Work. Play. It has driven the market for the entire Millennium and will continue in 2020. Developers throughout New Jersey submarkets are being rewarded for their creativity while reimagining the state’s “white elephants.”
With near record-low unemployment nationally, companies are focused on recruiting young talent. On the other side, municipalities are looking for creative solutions to attract new families. Those parallel forces will create unique opportunities for landlords and developers.
Take the redevelopment of 1515 Route 10 in Parsippany, The District. The town changed longstanding zoning regulations to accommodate a massive mixed-use project in an area previously designated for research, office and lab, while also agreeing to an unprecedented PILOT financing program. In Morristown, the M Station project has not even broken ground and Deloitte has committed to leasing a third of the office space at the highest rents in Morristown (pending approvals).
Build it and be rewarded.
To read the complete market forecast, visit re-nj.com.