Is the Best Yet to Come in NJ? “Newark is Very Under-Valued for Industrial”
JERSEY CITY, NJ -- The first panel of CAPRE’s NJ REED Forecast was the 9:30 am - 10:30 am session titled “The View From Commercial Real Estate: Forecast for Multifamily, Industrial, Retail & Office” covered a lot of ground in an hour, touching on not only numbers but the story behind the figures to get to the meat of the question on everyone’s mind – when is the bubble going to burst and how are we going to get there? First up, moderator Mitchell Berkey, Chair of the Real Estate Group at Chiesa Shahinian & Giantomasi PC looked to panelist Russell Tepper, Senior Managing Director, Northeast at Mill Creek Residential Trust, asking him “What drivers will propel the overall real estate market in 2020?” “Capital. Capital is king,” replied Tepper. “The developers in our industries want to build, but it can’t be done without capital. There’s been plenty of debt and equity and I think there will be more in the future. “The first rule of real estate is location, location, location. It’s pretty great here with great access to New York City and equal access to New York City as well as Philadelphia,” added co-panelist Jeremy Neuer, Executive Vice-President at CBRE for Institutional Properties. “We have this great diverse workforce, it’s a very talented workforce. The number one driver of that market is that workforce. From a residential perspective, we’re not New York. We don’t have the same issues…
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