Real Estate Journal — Brokerage Directory — July 29 - August 11, 2016 — 5C
www.marejournal.com
M id A tlantic
B rokerage D irectory
hat are tenant s seeking in office space today? How Millennial employees, technology, repurposing of suburban office parks drive tenancy Commercial real estate leaders provide insights into current & future state of the office market W
and tenants, such as high- speed fiber optic installations, multiple telecom carriers, augmented and virtual real- ity applications, and WiFi. In addition, we’re seeing environ- mental and energy upgrades growing in importance such as improvements to achieve LEED certification, electric car outlets, energy efficiency measures (LED lighting, up- graded mechanicals, and solar panels). Q: We hear a lot about New Jersey’s “grey” market, the vintage office stock. What does continued on page 16C
are capital markets and in- vestment strategies changing? And what is the value of ten- ant improvements in leasing? These and other questions about development, leasing and investment trends were among the topics discussed at the spring Mid-Atlantic Real Estate Journal Conference this year. Following are highlights of the discussion from panelists Robert Rudin , vice chair- man, Cushman &Wakefield in East Rutherford; SamMor- reale , managing partner, Vi- sion Real Estate Partners in Mountain Lakes; and Ed- win Cohen , principal partner of Prism Capital Partners in Bloomfield, who offered in- sight while Michael McGuin- ness , CEO of NAIOP-NJ in New Brunswick, provided opening remarks. Q: How do you see the cur- rent state of New Jersey’s commercial real estate market and economy? MCGUINNESS: The New Jersey industrial and office sectors are booming, with rents up about 3 percent over last year, especially in Class A space. There has also been $13.4 billion in new private and public investment in com- mercial real estate, which is encouraging. However, we also see company size is shrink- ing overall, with more mobile workers connected to the office via the internet and mobile apps. This in turn is driving the need for better use of fixed assets by commercial real es- tate developers. Synergy between developers and municipalities is becom- ing more important as well. Many towns are welcoming re-development of older, out- dated office parks that attracts today’s employers and young professionals, with amenity- rich work environments shap- ing demand. Municipalities are well served to partner with developers who know the trends that attract jobs and employees. An increased demand for mixed-use projects are part of that trend, as are co-working spaces and turn- key models. Q: What are the key trends or issues today in the office space market? MCGUINNESS: There are several, starting with the
Robert Rudin
Sam Morreale
Edwin Cohen
Michael McGuiness
millennial workforce. Human resources is the number one driver in development, spe- cifically related to this popu- lation. Millennial workers’
influence has developers and landlords working to attract them with an amenity-rich environment. Those amenities are also expanding in scope to
meet the expectations of this demographic. Another factor at play is technology-driven improve- ments that appeal to lenders
LUXURIOUS MOD E R N S PACE AVAILABLE FOR IMMEDIATE LEASE
15K TO 88K SF OF PRIME OFFICE SPACE URBAN DESIGN IN SUBURBAN LOCATION NATURAL LIGHT AND EFFICIENT FLOOR PLATES PROMINENT BUILDING SIGNAGE OPPORTUNITY FACING HORSHAM ROAD CONVENIENT AMMENITIES INCLUDING UPSCSALE FITNESS CENTER, CHILD CARE, DINING AND SHOPPING EXTENSIVE RENOVATIONS NEW LOBBY, EXTERIOR IMPROVEMENTS AND FULLY S PRINKLERED
HOR S HAM ROAD 4 1 0 H O R S H A M . C O M
FOR FURTHER INFORMATION, PLEASE CONTACT OUR EXCLUSIVE LEASING AGENTS: MIKE MALONEY 610.755.6966 mmaloney@ngkf.com 880 East Swedesford Road, Suite 100, Wayne, PA 19087 TIM MORRIS 610.755.6923 tmorris@ngkf.com Office: 610.265.0600
Made with FlippingBook HTML5