NJ Construction Execs Talk State of the Market: “The Cycle Can’t Go on Forever”
JERSEY CITY, NJ -- Saiber's Philip A. Markowitz kicked off moderating CAPRE’s Ninth Annual New Jersey Apartment Summit’s luncheon discussion “The Future of Multifamily Construction, Design & Development in New Jersey” with a critical query for his six-member panel. “As the year comes to the end, many believe that we’re late in the New Jersey multifamily development cycle,” remarked Markowitz. “Looking to 2020 and beyond, what is your view? What are the near-future opportunities and risks do you see? Do you nevertheless remain bullish despite the many estimates and forecasts out there?” “Yes, we are late in the cycle. We’re 25 days away from a ten-year bull-run. We’ve never had 10 years without a pause of pullback before, so this would be the longest period ever,” replied Adam Altman, Managing Director and Partner, KABR Real Estate. “Late cycles are late cycles. People are paying a lot of money – sometimes too much – for land. You have to be more of a sniper in this environment, rather than a broad-stroke approach, which is probably better at the bottom of a cycle.” View slideshow of CAPRE's 9th Annual New Jersey Apartment Summit in December 2019 Next up was Maurice Hornblass, Co-Founding Partner at Hornrock Properties. “I look at the fundamentals. The fundamentals are low cap rates, low interest rates, strong demand, high rents. So the fundamentals are there. As per what Adam is saying, to be a sniper, you want to…
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