Northern New Jersey October 2020 – Key Takeaways
• Industrial continues to be the strongest sector, with new class A warehouse development in high demand in northern NJ and growth in all classes around the exit 8A NJTPK area.
• Office market continues to be OK, with no big rush for new space out of Manhattan.
• Mixed use sector: builders are adding self-storage and other accessory uses in lieu of ground floor office or retail space. Some are modifying outdoor landscaping space to accommodate more openness and social distancing.
• Residential development and demand for single homes and multifamily not slowing down, due to the ongoing influx of New Yorkers moving to suburban commuter towns and communities.
• Rental properties have not seen economic impact yet as a continuing result of the bail out; issues anticipated for Q1 2021. Multifamily rent growth and demand expected to continue over next 8 years.
• Retail and hospitality continue to be challenged.
• Banks no longer want to issue one-off loans; they want long-term business relationships with accounts.
• Overall construction is still strong with increased pricing due to shortage of lumber & other materials.

Guest speaker Sheena Collum, South Orange Village President/Mayor and Executive Director of the American Planning Association (NJ Chapter) provided an exciting summary of SO’s urban planning and development program. It includes strong community engagement, equitable transit-oriented development, mixed use (multifamily, retail, parking combo), a walkable downtown with building height increased from 3 to 5 stories with setback, new storage facility/community space with an outdoor movie screen, co-retailing/co-artist/non-profit community use space, new student housing (Seton Hall) with shared green space, affordable housing (20% by 2025), and revenue generation via PILOTs.