April 2024

M id A tlantic Real Estate Journal — Financial Digest — 1031 Exchange — April 2024 — 9A


S pring P review By Jonathan Glick, Sheldon Gross Realty 2024 Real Estate Market Outlook: A shift towards tradition and opportunity M ost of the clients Shel- don Gross Realty rep- resented during 2023 These were owned primarily by private companies and in- vestors, all with strong entre- preneurial inclinations.

Businesses want employees to be on-site more often than during the past several years, while workers are focused on comfort, collaboration, and socialization. On the industrial side, the focus during 2024 will largely be on inventories – with a specific emphasis on them returning consistently to whatever sizes companies deem appropriate. The overall office market will continue to struggle dur- ing 2024, with the supply of vacant, available space far outstripping demand. That said, office property tenants

and investors will be able to find outstanding opportu- nities … assuming they’re willing to look hard, without rushing the process. One continuing trend will be the repurposing of large office parks and obsolete, multi- story general office buildings. Speaking of vacancies, the volume within the industrial sector is continuing the steady climb that’s been ongoing for about the past four quarters. But interestingly, the price for industrial properties is so far holding fast, and we’ve yet to see signs of decline. It’s an un-

usual situation, and one that bears careful watching. Overall, those in the office sector will be able to find value-added deals … with the caveat being that patience will be essential. The deals will be out there, but it will take a bit of time to track them down. On the industrial side, the inven- tory will steadily increase, so tenants will have access to low- er rents and investors will see higher cap rates. Again, the watchword will be patience. Jonathan Glick is executive vice president at Sheldon Gross Realty. MAREJ

– along with the major- ity of trans- actions we completed – were tied to the selling or leasing either of office space or industrial properties.

I anticipate that during 2024 we’ll see something of a return to a pre-Covid style of business. Will it be 2019 all over again? Definitely not – but with the pandemic slipping further into the past, the marketplace will manifest a significantly more traditional look. With office space, we’re in a period of trial and error in terms of how prop- erties are utilized, both related to scheduling and redesign.

Jonathan Glick

Sheldon Gross Realty inks 3,659 s/f lease in Freehold, NJ

Let Us Help You Find the Perfect Location for Your Business

absorbed by the end-users and passed on to the consumer. Controlling these costs could certainly assist in our ongoing battle to combat inflation. The good news is that after two consecutive years of tre- mendous growth followed by a mild contraction in 2023, the local industrial market is approaching stabilization this year. Joseph Latina, SIOR, and Christopher Moore, CCIM are managing principals at LMT Commercial Realty/CORFAC International. MAREJ continued from page 8A Exploring industrial land and building pricing in . . . The space will serve as a fabrication shop for Holland Marble, which uses granite and other materials to create, deliver and install countertops. Sheldon Gross Realty has represented the ownership of Fairfield Industrial Park – which is comprised of nine buildings totaling a combined 165,000 s/f – in nearly 40 dis- tinct transactions. MAREJ Fairfield Industrial Park FREEHOLD, NJ — A 3,659 s/f location in Freehold’s Fair- field Industrial Park has been leased by Holland Marble. The deal was brokered by Sheldon Gross Realty executive VP Jonathan Glick and assis- tant VP Matthew Leonelli , with the tenant represented by Michael Desero of Starker Commercial Realty .


FLEMINGTON – FOR SALE or LEASE 4,064 +/- Sq. Ft. Free Standing Building Currently a Restaurant. Downtown Business Area

FREEHOLD – FOR LEASE 7,000 +/- Sq. Ft. Office Suite For Lease

All glass Vestibule / 7 Spacious Offices / Conference Room 24 designated parking spaces and overflow spaces available

WEST ORANGE – FOR LEASE 5,172 +/- Sq. Ft. Office Divisible

SOUTH BRUNSWICK – FOR LEASE 1.97 +/- Acres – Outside Storage G reat site for equipment or vehicle storage

Multi-tenanted Building – Smaller Suites Available

WANT TO IMPROVE YOUR INVESTMENT? CONSIDER OUR PROPERTY MANAGEMENT SERVICES: Maximize the financial return on your properties with the help of our property management services. CONTACT US FOR A FREE CONSULTATION – 973-325-6200

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

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.

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