The commercial real estate industry continues to thrive in New Jersey. In some segments, vacancy rates remain at historic lows and rents are sky high. None of this is a secret — or surprising, given the state’s location and transportation infrastructure along with the change in commuting patterns and the shift in residential priorities caused by the pandemic.
When a market shows such remarkable strength, it is reasonable to ask whether the benefits trickle down to adjacent sectors. Will the demand for warehouse and office space create opportunities for development or redevelopment in struggling areas?
Causal links in this regard are difficult to establish. Markets and asset classes are shaped by a wide variety of forces – some of which may not be visible. For example, the presence of a corporate benefactor can drive the redevelopment of an urban neighborhood. Thus, what may appear to be the effects of investment in one area may simply be the result of unique local factors.
Whatever the reason, the success of the commercial real estate market in general certainly seems to be providing at least some momentum to places that need a boost. And that dynamic is reflected in the list that unfolds on these pages, especially in the top 10. Chris Paladino, this year’s top honoree, has accomplished extraordinary things in New Brunswick and Atlantic City. The Boraie brothers continue to contribute and even Paterson is stirring up excitement.
Would all this happen if the market was generally weaker? Can be. Paladino is a unique talent. The Boraie firm is experienced and determined. And Paterson… well, let’s just say the city needs some good news. But there are a lot of good feelings around the state. And a ton of money being made. Can’t hurt.
We’re always interested in what our readers think, so let us know what you think of the picks here. As always, the top 10 honorees are listed in numerical order; all others are listed alphabetically.
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