Research Economist Hugh F. Kelly, PhD, CRE was this month’s guest speaker — providing Members of the Northern New Jersey Mastermind Group with some of the latest theories on the future state of NJ real estate and the overall economy.
He focused on two areas:
• 24-Hour Cities – What defines them and how they impact future trend? Why are cities like Boise, Pittsburgh and Nashville considered booming 24-cities; and why are St. Louis, Memphis, and Camden not? “24-hour cities” tend to have robust downtowns with restaurants, services & retail; walkability; integrated offices and residential areas; easy access to mass transit that radiates out to the suburbs; and a large Millennials population.
• The Top Issues Affecting Real Estate in 2019-2020 – Dr. Kelly and New Jersey members examined the first five of ten issues: Infrastructure, Housing, Weather & Climate Risks, New, Emerging Technology, and End-of-Cycle Economics. Opportunities, challenges and change are all on the horizon.