The Forecast for 2016 in New Jersey: Cautiously Optimistic – 2015 was a good year for real estate, and 2016 is off to a good start. New deals are in the pipeline; Jersey City and the five NYC boroughs are still hot; and there’s more activity in the tri-state office market. Yet, the effect of the December Federal Reserve 0.25% interest rate hike is still unknown, and with the possibility of additional increases looming, the year could be a challenging one. Speaker Michael Seeve (pictured above), RPN member and president of Mountain Development, highlighted the positive, providing an overview of his experiences in repurposing office and industrial space in the tri-state area. There is strong interest in creative environments to keep pace with evolving technology and attract high performers.

The meeting ended on a positive note concerning New Jersey’s roads and bridges. With New Jersey gas prices approaching $2.00/gallon, the time may soon be right for a gas tax to replenish the dwindling Transportation Fund. That would be good for business statewide.