Industry experts address market trends at Mid Atlantic Real Estate Journal’s NJ office conference
ISELIN, NJ — Office tenants’ needs have changed dramatically over the last several years. The shift to community-centered, “live-work-play’ environments is signaling a new era in office building utilization that is here to stay, according to industry experts that recently participated in the Mid Atlantic Real Estate Journal’s (MAREJ) 4th annual New Jersey Office Conference. The event, which took place at the APA Hotel Woodbridge, brought together more than 100 of the region’s top real estate professionals, along with three panels of high-level commercial leaders representing all facets of the Garden State’s office market. Evaluating the Office MarketDuring Q1 2018, 2.2 million s/f of office space was leased in Northern and Central New Jersey; the overall availability rate in those markets for all office types was 19.7%, the lowest it’s been since 2Q 2009, according to David Simon, executive managing director and market leader of Colliers International. Simon moderated a discussion entitled, “Market Update: An Evaluation of the Office Market and What Tenants Require Today,” which featured panelists Robert Rudin, vice-chairman of Cushman & Wakefield; Kevin Collins, managing director of asset management and finance for C&K Properties; Jonathan Schultz, co-founder of Onyx Equities LLC; Michael Bergman, principal and president/CEO of Bergman Real Estate Group; and Jeff Garibaldi Sr., president of The Garibaldi Group.While there is no “one-size fit all” approach to meeting office tenants’ requirements, panelists said the Millennial and Generation Z workforce is having a dramatic impact on how office space is developed and used; landlords and property owners will continue to redevelop and rebrand properties to accommodate this younger generation of office user.