12A —May 20 - June 16, 2022 — Office & Industrial Distribution Centers — M id A tlantic Real Estate Journal
www.marej.com
O ffice & I ndustrial D istribution C enters
Panel speaks on transformative two years in New Jersey CRE industry Industrial and Office Real Estate Brokers Association hosts 27th Annual Developer’s Night
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mented IOREBA president John Johnson who served as panel moderator. The panelists agreed that that the past 2 years have been a transformative time for the CRE industry and staying ahead of trends is key. They agreed that the market continues to show dominance for certain asset classes and Covid-19 continues to loom over others and that trends that developed during the pandemic are here to stay for the foreseeable future. Despite the ongoing pan- demic-related challenges, op- portunities exist for NJ’s CRE industry. Demand for logistics, industrial, data centers, life sciences and multi-family developments has been ex- tremely strong. The industrial section is the hottest sector dominating the others. The question is are these areas get- ting overheated and overval- ued? Time will tell. Industrial space in the Meadowlands, for example, recently hit $28 per square foot noted Jeff Milanaik, partner, Northeast Region, Bridge Industrial LLC. Other key takeaways in- cluded opinions from panelists such as Jonathan Schultz of Onyx Equities who suggested ways to lure employees back to the office will depend on creat - ing contemporary amenities and offering hospitality fea- tures in todays office buildings. New Jersey continues to undergo a repositioning of its many corporate campuses that are becoming functionally obsolete with archaic zoning in place. Pressure is mounting to design a new type of office by creating features that will entice companies back. Ryan Sanzari of Alfred San- zari Enterprises is optimistic on class A office building leas - ing and has seen an uptick in activity to almost at pre- pandemic levels. Developers are continuing to reposition office buildings into multi-family housing with live-work-play amenities with shopping nearby that will appeal to the community and corporations. Multi-fam- ily vacancy rates are below 1.5%. Panelist Michael Pem- broke of Russo Development and Matt Campbell of Toll Brothers agreed that collabo- ration between development companies will be necessary in todays tight market to move forward. MAREJ
industry were on hand for the event which included panelists Matt Campbell , direc- tor of land acquisition, Toll Brothers; Ian Christ , man- aging director, Prudential Real Estate; Jeff Milanaik , partner, Northeast Region, Bridge Industrial ; Michael Pembroke , COO, Russo Development ; Ryan San- zari , president, Alfred San - zari Enterprises ; Jonathan Schultz , managing principal, Onyx Equities. “We were fortunate to have this panel whose expertise and experience spans many decades in the industry” com-
EANECK, NJ — The Industrial and Of - fice Real Estate Bro -
kers Association (IOREBA) of New Jersey hosted its 27th annual Developer’s Night event at the Marriott at Glen- pointe Hotel in Teaneck, NJ on Monday, March 28th. A panel of veteran real es- tate experts offered their views on the state of New Jersey’s office, industrial and multi- family housing marketplaces and educated the audience on growing trends and offered predictions for the coming year. Hundreds of guests from the commercial real estate
Shown from left: Jeff Milanaik, Bridge Development; Jonathan Schultz, Onyx Equities; Ian Christ, Prudential Real Estate; Alfred Sanzari, Al - fred Sanzari Enterprises; Mike Pembroke, Russo Development; Matt Campbell, Toll Brothers. Front - Moderator and IOREBA President John Johnson.
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