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4C — September 27 - October 10, 2019 — Fall Preview — M id A tlantic
Real Estate Journal
N ew J ersey B roker
By Jonathan Glick, Sheldon Gross Realty, Inc. Looking ahead: Office and industrial markets There’s a tremendous need for industrial property, to the extent that this category is like the golden child of commercial real estate. That said, our challenge is low inventory. And beyond that, we’re faced with the historically rare situation that the cost of building from scratch is almost the same as purchasing an existing property.
tate market in terms of future pros- pe c t s , I ’m strongly in- clined to di- vide the cat- egory into separate of- fice and in- W
henever I analyze the overall com- mercial real es-
standard office or medical space. And they have abso- lutely great properties. What I tell them is that when the right tenant comes along, they need to move extremely quickly. They cannot pro- crastinate, because if they delay, the opportunity will very likely go away. Or, more accurately, to go elsewhere. For better or worse, that’s how the office market has been functioning. And I don’t anticipate we’ll see any sig- nificant change in the imme- diate future. With the industrial sector, things are quite rosy – and I expect they’ll continue to be that way. There’s a tre- mendous need for industrial property, to the extent that this category is like the gold- en child of commercial real estate. That said, our chal- lenge is low inventory. And beyond that, we’re faced with the historically rare situation that the cost of building from scratch is almost the same as purchasing an existing property. As a result, anyone seeking to acquire industrial property has a varied array of options, while real estate pro- fessionals are also competing directly with builders. It’s an uncommon situation, yet one that those of us conducting business in the Mid-Atlantic region can thrive in, thanks in part to extremely favorable geography. I’m based in New Jersey, so I’mmanaging transactions within a densely populated state bordered on one side by New York City and on the other by Philadelphia. It’s just an ideal setup for industrial real estate, with major land, sea, and air transportation hubs at nearly every turn. And similar en- vironments exist both to the north of New Jersey – in the Hudson Valley and Con- necticut – and to the south – from Maryland down to Washington. Dealing in commercial real estate is never an easy under- taking, but at least here in the northeast, we’ve enjoyed essentially favorable condi- tions in office and industrial sales. And as we move into 2020, I don’t anticipate any major changes. Jonathan Glick is ex- ecutive vice president at Sheldon Gross Realty, Inc.
Jonathan Glick
dustrial segments. It’s impor- tant to understand that these are very distinct sectors. Starting with the office sector, it’s marching along
illustrate how this plays out in the real world, consider that many of my clients are private owners, either of
pretty much as it has been for multiple quarters, with- out significant dips or gains. It’s been very consistent,
completely across the board. The challenge is that ten- ants and prospective tenants have a wealth of options. To
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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
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