REBusinessOnline

Will Social Distancing Lower Demand for Office Space in Northeast?

The outbreak of the COVID-19 virus has led to an economic crisis that is forcing office users across the region to make tough choices to continue their operations. While New York has been the epicenter of the virus, reporting nearly a third of the more than 1 million confirmed cases in the entire country, companies across the region have been forced to furlough employees and reassess their short-term needs for space. The nature of traditional office work was already changing before the virus, …

Retailers, Landlords Adjust to Pandemic

The impact of COVID-19 has forced retailers, restaurants and service providers in the Northeast to improve their digital channels and adapt social distancing policies to continue serving customers. With retailers struggling to pay rent, landlords could find mutual benefit in reaching a compromise with existing tenants before temporary closures become permanent. Unfortunately, for many small businesses the virus has activated a Darwinian battle of the fittest among retailers with primarily …

Office Developers Renovate, Repurpose Outdated Assets in Northern New Jersey

From start-ups seeking flex space to major corporations that are expanding or relocating an entire office, finding a modern office space in the northern New Jersey commercial market is always a challenge. Barbara Gross, Sheldon Gross Realty Overall, it’s a very mature environment, with many older structures and corporate parks lining the highways, and with limited new development. As an example of the resultant complexities, let’s look back to the 1980s and ’90s, when the …

Southern New Jersey Epitomizes Consistency of the Suburban Office Market

As an adjunct of the greater Philadelphia market, but with a population that supports its own industry, Southern New Jersey is the archetype of the suburban office market. While throughout the country there has been a trend of firms migrating back to urban centers, Southern New Jersey has held its own against its metropolitan neighbor. In some instances, this area has outperformed average suburban office market metrics. Rebecca Ting, NAI Mertz For example, the national vacancy …

Multifamily Capital Chases Limited Supply in Northern New Jersey

An abundance of capital continues to flow into Northern New Jersey’s multifamily market, with most investors completing 2019 as net buyers and major institutions looking to remain active in 2020. Over the past decade, domestic and foreign investors alike have diversified into the multifamily space in Northern New Jersey and nationwide. The result has been a highly competitive playing field with limited opportunities. And with more capital in the market than opportunities to place it, many …

Healthcare Developers Adapt to Changing Landscape

Anyone who has kept an eye on the healthcare real estate sector over the past several years is aware of the property type’s reliability amidst increasing economic uncertainty, which has resulted in growing interest among investors. However, for what has become one of the hottest investment sectors in recent years, transformations underway within the healthcare industry will bring changes to the asset class over the next decade. Bob Atkins, Managing Partner, Atkins Cos. The …

Philadelphia’s New Brand Identity in Commercial Real Estate

Interest in Philadelphia among commercial real estate investors has been on the rise for years. But the Eastern Pennsylvania market managed to maintain a relatively low profile in the public consciousness, overshadowed by its larger East Coast primary market rivals, each with its own clear brand identity. But this is largely a thing of the past. Philadelphia has emerged lately as a leader in cutting-edge biotech and life science innovation. The city is a magnet for gene and cell-level …

Philadelphia Retail Market Embraces Change in ’20s

As our economy fades out of one decade and cruises into the next, a look in the rearview mirror reveals more than 10 years of expansion and 10-year GDP growth in excess of 26 percent. Sean Beuche, Marcus & Millichap The Philadelphia and Northeastern retail investment sales markets should be both thankful for progress made and road bumps navigated and mindful of several current trends affecting transactions and challenges looming on the horizon for owners and tenants of single …

Expanded Rent Stabilization Law Freezes NYC Stabilized Multifamily Property Market, Generates Buying Opportunities for Intrepid Investors

New York state authorities last year passed legislation designed to maintain rental affordability and housing stability in the Empire State. Mandated changes for units not currently subject to stabilization were mostly technical in nature — relating to rent increase notification periods, evictions and security deposits — but the impact on the New York City’s nearly 1 million regulated units was significant. Previously, an owner’s ability to raise stabilized unit rents was limited by a …

Boston Life Sciences Market Shows No Sign of Slowing in 2020

At this point, it sounds like the movie “Groundhog Day,” but 2019 was another impressive year of growth and success for the greater Boston life sciences real estate market — and that growth shows no signs of subsiding any time soon. Duncan Gratton, Cushman & Wakefield Strong levels of venture capital investment, big pharmaceutical partnerships and merger and acquisition activity continued to fuel unprecedented demand for life sciences space, not only in and around …

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