2C — December 27, 2019 - January 16, 2020 — Year in Review 2019 — M id A tlantic
Real Estate Journal
www.marej.com
Y ear in R eview 2019 By Eric Weston, Sheldon Gross Realty From Transactional to Strategic
W
hen the calendar flips from one year to the next, many
is changing – transform- ing might be more accurate – to a degree that makes the conventional practices of counting numbers and study- ing projections seem decid- edly outdated. Because, as we move into 2020, commercial real estate has become far less transactional. Increas- ingly, we’re a sector in which strategic thinking determines who succeeds. There are two recent ex- amples that I believe perfectly highlight the nature of this transformation. First, there’s American Dream – the massive, fre-
quently-delayed project just a few miles outside midtown Manhattan, in the heart of New Jersey’s Meadowlands. It’s a clear illustration of how dramatically the concept of a retail space has changed since the 1960s and ‘70s, when so many traditional, indoor shopping malls were con- structed. That old model of multiple stores surrounding a food court has been failing for years, at the expense of many owners, investors, and those in our field. The fact that 21st century retail loca- tions like American Dream also need to offer multiple
entertainment-focused op- tions can be viewed as disrup- tive to the status quo. But, to varying degrees, disruptions frequently grow into oppor- tunities. As commercial real estate professionals, we need to embrace that “mixed use” centers – retail, combined with entertainment and per- haps some residential space – now provide us the straight- est path toward success with shopping venues. Next, there’s WeWork. It’s been a noteworthy experiment in terms of commercial space utilization …while also dem- onstrating that some careful
a section of the Mid Atlantic Real Estate Journal 350 Lincoln Street, Suite 1105 Hingham, MA 02043 P: 781-740-2900 • fax 781-740-2929 www.mare j.com Publishers Linda Christman lchristman@marejournal.com Joe Christman jchristman@marejournal.com Lea Christman lea@marejournal.com Steve Kelley skelley@marejournal.com Kim Brunet kbrunet@marejournal.com Editor Karen Vachon editor@marejournal.com The Year in Review 2019 Spotlight There’s no doubt that many business sectors are experi- encing rapid change – this seems to be the nature of things in the 21st century. That said, my sense is that with commercial real estate, we’re approaching a truly watershed moment, with multiple, significant changes occurring almost simultane- ously. I’d strongly recom- mend we view this potentially unsettling situation as an opportunity, since those of us disinclined to adopt a consis- tently strategic approach to our activities will risk falling hopelessly behind. Eric Weston is vice presi- dent of Sheldon Gross Realty. thought is still necessary in terms of space-sharing. Nev- ertheless, while the idea of common workspaces and ser- vices isn’t adaptable to every environment or organization, it’s potentially well-suited to many a small business, as well as those with multiple remote workers. So, this concept cer- tainly will continue evolving, new models will arise, and there’s no doubt that building owners already are watching with great care. As they come to realize that their utiliza- tion or conversion of a build- ing can increase income and long-term stability, some of our most important client re- lationships may be impacted. What’s most important is that we strategize in preparation for inevitable changes.
of us are in- clined – per- sonally and profession- ally – to take stock. How d i d we do during the past dozen m o n t h s ? What are our prospects for the coming year? But when assessing the commercial real estate field, there’s a further complica- tion to consider. Our industry Eric Weston
Start 2020 By Finding the Perfect Location For Your Business
BRIDGEWATER – 10 ACRE SITE
CLARK – OFFICE SPACE SUBLEASE THROUGH 05/31/2024 11,371 +/- Square Feet – Can be divided Excellent location – Right off the Garden State Parkway
FOR LEASE
+/- 130,000 Sq. Ft. Outside Storage Specialized Warehouse Buildings - Rail possible
WALL – FOR SALE 24,000+/- SQ. FT. OFFICE BUILDING Investment opportunity. Highway visibility. Great location at the corner of Route 34 and Belmar Blvd.
CRANBURY – FOR SALE OR LEASE 12,748+/- SQ. FT. OFFICE BUILDNIG Corporate park setting. Accessible from Exit 8A of the NJ Turnpike and Route 130.
The information contained herein has been obtained from sources considered reliable, but no guarantee of its accuracy is made by this company. Subject to errors, omissions or withdrawal without prior notice.
SHELDON GROSS REALTY, INC. REALTORS ● Corporate Real Estate Services 80 Main Street, West Orange, NJ 07052 Tel.#973-325-6200 - Fax.#973-325-9090 www.sheldongrossrealty.com
Made with FlippingBook flipbook maker