Does the Gold Coast have the Right Retail Mix?
JERSEY CITY, NJ — Retail transactions take up 1/3 of office product in the Gold Coast. So there is room to grow, and that’s particularly true on the waterfront. Some might say there’s virtually none to speak of. So that begs the question -- how important is it to having an office or multi-family experience on the waterfront? Does Gold Coast have the right retail mix? Adam Altman, Managing Director, Partner, KABR Real Estate, believes retail is extremely important. “It helps with your walking around experience,” he says. “Jersey City has done a lot to reinvigorate that corridor and that piece of the puzzle, particularly. We’ve actually bought a bunch of smaller retail assets just for that reason and it’s an area we will continue to focus.” That said, Altman cautions that retail is clearly facing tremendous headwinds right now. “When I was out at ICSC a couple of weeks ago, I was surprised actually at how optimistic it seemed to be relative to the general pain being felt in the space,” he remembers. “Going forward, the areas most interesting to me will be urban-centric, transit-oriented, walkable retail on major corridors. That’s where will be interesting. It’s interesting right now and it was interesting three years ago, but the prices weren’t interesting then.” Altman says that the most interesting thing to talk about is the issue of vacancy. “People always speak out vacancies in places like SoHo, Madison Avenue, those…
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