The New Jersey Market Report is live!

Inside: Mack-Cali's new course, Newark's turning point + more

TRD New York /
Jun.June 05, 2017 04:45 PM

The pace of life rarely slows in New Jersey, where an increasingly crowded market means that both commercial and residential players are always looking for a competitive edge.

As one of the top developers in the state, Mack-Cali often serves as a bellwether for what’s coming next. So when the firm announced a leadership switch-up this spring, The Real Deal took stock of what the company has accomplished under the tenure of former CEO and now Vice Chairman Mitch Rudin.

Amping up its Gold Coast presence while selling off many suburban office holdings over the last few years has paid off handsomely for Mack-Cali. But inland office parks are not dead, as is evidenced by our look at the office leasing market, which revealed that some businesses — either priced out of the coast or looking for a larger land grab — are embracing suburban sprawl.

When it comes to residential development, our ranking of the top players shows that entrenched local firms — including Mack-Cali — and national players are competing for increasingly hard-to-get private and public funds to continue building on the waterfront.

And our ranking of the top brokerages in Bergen, Essex, Hudson, Morris and Passaic counties) finds that high demand and a decided scarcity of single-family homes have brokerages using all manner of tech tools to land big sales. The tight inventory situation also continues to fuel the teardown trend.

As the coastal city that could, Newark has been touted for years as being on the rise, but we investigated whether or not it has truly arrived. The short answer: A Whole Foods certainly helps. And while Brick City was on our minds, we profiled U.S. Sen. Cory Booker’s accomplishments in the real estate realm — and heard all about his parents’ first date.

But what’s a commuter city without the commuters? It’s been a tumultuous spring for straphangers, and with Amtrak’s major maintenance of tracks in Penn Station planned for this summer, we checked in on how some of New Jersey’s infrastructure projects are coming along and how they’ll impact the real estate market.

Following the fracas over Nicole Kushner Meyer’s pitch for investment in Jersey City’s One Journal Square to potential EB-5 investors in China, we also examined which foreign investors are putting their money into the Garden State.

There’s plenty more in our annual New Jersey Market Report, including a look at whether the hotel market can sustain its higher room rates, and a retail check-in in light of rampant store closures. We also dropped in — just in time for summer — for a by-the-numbers look at what’s happening on the Jersey Shore.

Enjoy the issue!


Related Articles

arrow_forward_ios
New Jersey Gov. Phil Murphy, New York Gov. Andrew Cuomo and Connecticut Gov. Ned Lamont (Credit: Murphy by Bennett Raglin/Getty Images for Montclair Film; Cuomo by Spencer Platt/Getty Images; Lamont by Bonnie Biess/Getty Images for SiriusXM)

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus

Cuomo joins forces with Connecticut, NJ governors to combat coronavirus
Lucy the Elephant is for rent (Credit: iStock)

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb

New Jersey’s most famous zoomorphic attraction is up for rent on Airbnb
An aerial view and a rendering of The Element at 400 Claremont Avenue (Credit: Google Maps)

Jersey City mixed-use project lands $120M in financing

Jersey City mixed-use project lands $120M in financing
Meadowlands Arena (Credit: Google Maps and iStock)

NBC spends $750K to transform arena in New Jersey swamp

NBC spends $750K to transform arena in New Jersey swamp
Triplemint’s David Walker and John Scipione with Hoboken, New Jersey (Credit: iStock)

Triplemint expands to New Jersey

Triplemint expands to New Jersey
Thor's Joseph Sitt and the New Jersey Center of Excellence

Thor is breaking into the life sciences industry

Thor is breaking into the life sciences industry
Before demolition. the historic home at 44 Pleasant Avenue was on the market for $10 (Credit: Montclair Township, iStock)

A home listed for 10 dollars, but no one wanted it

A home listed for 10 dollars, but no one wanted it
Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news

Mack-Cali sells Paramus office property, Murphy enacts land bank reforms & more North Jersey real estate news
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...