After a year like no other, New Jersey’s commercial real estate industry is eager to turn the page. But many believe the pandemic’s impact will be felt for months if not years to come.
As always, we’re here to help you make sense of it all with the help of some top developers, service providers and thought leaders. You can find their predictions for the year ahead and more in our special 2021 Market Forecast.
Lloyd A. Rosenberg, AIA, President and CEO
The migration that started before the pandemic will continue through 2021 with renters willing to trade the conveniences of living in Manhattan for the lifestyle, sense of community and luxury amenities packages they can enjoy in urban and suburban markets throughout North Jersey. A tight for-sale market that has driven housing prices up, along with the desire for maintenance-free living, could also speed up the timeframe for empty-nesters looking to downsize. These and other demographics are looking for things like private outdoor add-ons like outdoor cooking and dining, pools and interesting rooftop terraces along with well-appointed apartment homes that have flexible spaces for multiple uses and ample storage, but at a reasonable price point. We’re currently designing rental communities in Woodbridge, Morristown, Edgewater, New Brunswick and Jersey City to fulfill these lifestyle needs while also being near NJ Transit and all of New Jersey’s major road arteries.
777 Terrace Ave., Suite 607
Hasbrouck Heights, NJ 07604
This is an excerpt of an article that originally appeared in RE-NJ.