12B — May 26 - June 8, 2017 — Industry Leaders — Owners, Developers & Managers — M id A tlantic
Real Estate Journal
www.marejournal.com
I ndustry L eaders
SELIN, NJ — Found- e r / pr es i dent George Kimmerle, (AIA, PP, Principals provided keen insight on office market trends and tenant needs George Kimmerle & Paul Newman serve as Panelists for MAREJ’s 2017 NJ Office Summit I New Jersey 2017 Office Sum- mit. The symposium, recently held at the APA Hotel Wood-
Kimmerle participated in the initial panel moderated by Jeremy Neuer /SVP of CBRE . Other speakers included: R ob- ert Rudin /VP of Cushman & Wakefield; Benjamin Kor- man/chairman and CEO of Lotus Equities/C&KProper- ties; and Steve Nislick/CFO of Hugo Neu . The roundtable examined vacancy rates on NJ’s Gold Coast, Newark and sub- urban office markets; factors driving the demand; current tenant requirements that bro- kers should be cognizant of; and a forecast of the office market in the next two years.
“Landlords and developers of NJ office buildings recognize the changing styles of work- ers and are incorporating that knowledge to accommodate tenants looking for contempo- rary work environments,” said Kimmerle. The panel analyzed the shift in lifestyle preference return- ing to the amenities of urban living by rebranding and repo- sitioning properties. Kimmerle provided a client example of a Morristown-based company that took the corporate head- quarters down to the steel in a multi-million dollar endeavor.
The firm is restructuring their space and featuring on-site eat- eries and additional amenities to accommodate non-tradition- al employee schedules. An enlightening discussion transpired regarding mass transit accessibility for sub- urban and inner ring com- munities as well as downtown core locations. According to Kimmerle, mass transporta- tion remains a challenge for the suburban market and for owners who want to attract prospective employees living in urban areas. “Planners at the Rutgers Edward J. Bloustein School of Planning and Public Policy have been advocating for tran- sit hub projects for over 35 years,” said Kimmerle. “The issues surrounding de- velopment and redevelopment in suburban communities and office parks are complex. Yet one size does not fit all. In some instances the factors may be condemnation and land assem- blage; in others transit access; whereas other considerations are points related to basic in- frastructure. Our experience and role in this area is vital - we know first-hand that develop- ers and property owners in all-use categories are looking to reinvent their sites,” said Kimmerle. He noted from: “office to mul- tifamily, industrial to high tech and commercial, and the over- all repositioning of workplace product to address contempo- rary standards for millennial employees and new lifestyles is certainly all part and parcel of this effort.” These changes include various lifestyle-based transitions such as Uber apps and other technology altera- tions that will determine how urban and suburban infrastruc- ture is reenvisioned.” Paul Newman sat on the third panel moderated by Jan Alan Lewis /member of Cole Schotz P.C. and featured speakers Tiffany Rolfing/ energy efficiency account man- ager of ICF International and Lee Winter /principal of WRE Consulting . The panel juxtaposed the challenges of balancing landlord and tenant needs. “We represent both ten- ants and landlords,” explained continued on page 24B Value of Tenant Improvements in Securing New Leases and Tenant Retention
NCARB) and partner Paul N e w m a n (AID, CID) of Kimmerle Group (KG) , a Harding - based mul - tifaceted ar- chitectural/
bridge, 120 Wood Avenue South, Iselin, featured four panels that spot l i ghted development, leasing and i nves tment trends in the
George Kimmerle Paul Newman
design organization with offices in the Chelsea district of NY, dedicated time as panelists at Mid Atlantic Real Estate Jour- nal’s (MAREJ) Third Annual
office market sector.
Market Update: An Evaluation of the Office Market and What Tenants Require Today
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