Industry Experts at IOREBA's 22nd Annual Developer's Night Predict Positive 2014 Office and Industrial Real Estate Market
INDUSTRY EXPERTS AT IOREBA’S 22nd ANNUAL DEVELOPER’S NIGHT PREDICT POSITIVE 2014 OFFICE AND INDUSTRIAL COMMERCIAL REAL ESTATE MARKET
EAST RUTHERFORD, N.J. (April 9, 2014)—The Industrial and Office Real Estate Brokers Association of the New York Metropolitan Area (IOREBA), recently hosted its 22nd annual Developer’s Night event with a crowd of over 300 commercial real estate professionals in attendance. The event was held at the Marriott at Glenpointe Hotel in Teaneck, N.J.
“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 extraordinary business incentive programs, and e-commerce and technology companies flocking to our 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 our current administration has done bringing in a field of incentives that are broader and further reaching. “They have made terrific moves in our incentive programs, and it took a lot of guts to do,” he said.
Gus Milano, Managing Director of Hartz Mountain Industries also applauded our state’s current administration. “The New Jersey Economic Development Authority has been extraordinarily responsive and has 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 the state 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 estate market moving into 2014. “With strong fundamentals and a large and diverse group of investors bringing capital into the state, there are no signs of a slowdown in the near future,” added Marc Graham, 2013-2014president of IOREBAand senior directorof Cushman & Wakefield of NJ.
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With roots dating back to 1927, IOREBA is one of the nation's largest regional commercial real estate groups, growing to more than 300 members conducting business in New Jersey, New York, Pennsylvania and Connecticut. The organization is continually expanding its offerings, designing more useful programs, and teaming with co-hosts for several events to improve the networking environment. For more information about IOREBA, visitwww.ioreba.comor contact Ann Violette at firstname.lastname@example.org.
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