16B — February 12 - 25, 2016 — New Jersey — M id A tlantic

Real Estate Journal


N ew J ersey



f decades of experience in commercial real estate have demonstrated any- By Todd Anderson, The Hampshire Companies The New “Urbanism” I millennial generation – as well as to their parents, the “empty nesters.”

ture with CrownPoint Group and project investment advisor Circle Squared Alternative Investments, we have recently developed a 104-unit residen- tial complex in the River Bend section of Harrison, NJ. Nearly fully leased just months after the grand opening it will be a driving factor in Harrison’s continued renaissance, where a modern communitywith vibrant neighborhoods is emerging. The new urbanism is also emerging in the office sector of New Jersey’s commercial real estate. Long overlooked in favor of suburban locations and sprawling office parks, the state’s cities are the locations of choice for growing companies to- day. The driving factor is where themillennial generationwants to live and work—our cities— and companies are responding accordingly to ensure their abil- ity to attract employees. Witness the Hudson Wa- terfront of Jersey City, where long-dormant industrial sites of times past are now populated by modern, cutting-edge office towers interspersed with new multifamily properties. Despite the extensive creation of office product on the so-called Gold Coast, the office vacancy in that market (which includes Hoboken) is in a healthy 10-13% range according to research sources. Compare that to Par- sippany and other Northern New Jersey submarkets, and several Central New Jersey submarkets, where the vacancy rate is in the 20-25% range, ac- cording to research. And while smart redevelop- ment and adaptive reuse has long been attached to the urban centers, it can play both ways. Yes, suburban office vacancy rates are high, and entire build- ings are vacant in some cases, they offer clear opportunities for adaptive re-use. While the urban centers have stolen the suburbs’ thunder, substantial populations and the uses they demand remain in place there including conversion to medical, retail, even residential. While the current real estate environment presents specific challenges it also ushers in a new wave of opportunity that encourages us as professionals to take risks in order to achieve our personal best by constantly learning, growing and evolving to unleash creative energy. Todd Anderson is Executive VP Acquisitions, Marketing & Branding, Value-Add Funds, & LeasingDirector for TheHamp- shire Companies . n

thing, it is the cyclical na- ture of this in- dustry. More o f t en t han n o t , t h o s e cycles have been dictated by larger eco- nomic trends

At the heart of the trend is the re-emergence, in New Jersey, of the state’s urban centers. Urban centers such as Jersey City, Newark, Morristown and New Brunswick, among others, have recently dominated the com- mercial real estate landscape. Along the way, they have cre- ated strong demand for smart redevelopment and adaptive re-use. Our firm’s strategy is for raw development or major redevelopment of existing facili- ties and sites. For example, in a joint ven-

Changing the way commercial real estate gets done.

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– from boom to recession. Now, however, the latest cycles are being dictated by demographic trends. We’re calling it “the new urbanism,” and it is clearly tied to the preferences of the

For more information, visit WolfCRE.com or call 856-857-6300 .

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Turning the expected into the extraordinary www.hampshireco.com

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