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Businesses in the New York and New Jersey areas are driving the economy in multiple aspects. When companies hire on new employees, these families need affordable housing. According to one report, the workforce is adding 29,000 employees this year, representing growth of 1.4 percent over last year. This is the largest gain in the number of jobs created since the year 2000. The leisure and hospitality industry is driving the growth, but education and healthcare have also boosted employment.

Professionals who are seeking housing that is easily accessible to the city of New York often look in Northern New Jersey, simply due to the costs. The New Jersey multifamily rental costs are often half of what they would be in Manhattan. Somerset County has an extremely low vacancy rate in multifamily units. The demand for rentals outnumbers the availability. Developers have identified the problem. …


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You may not have thought Sunset Park West in Brooklyn is anything special when you drive down its residential streets with colorful row houses, but this growing area may soon be one of New York’s hottest neighborhoods. There’s not a Starbucks to be found — or even a trendy restaurant — in this neighborhood, an old factory district that’s still home to many old warehouses and renovated row houses. However, some recent redevelopment projects and affordable housing options may soon make Sunset Park West one of the more desirable destinations for residents and commuters. Here’s why:

New Projects

Recent redevelopment projects around the water and the opening of Bush Terminal Park in 2014 have made this neighborhood more appealing in recent years. One of the most significant additions to this neighborhood was the opening of the Brooklyn Nets training center, a 70,000-square foot practice facility that now serves as the official training site for the Nets. The relocation was expected to bring more than 40 full-time jobs to the borough. Industry City, home to 16 buildings, is already attracting new tenants as owners have invested more than $125 million to perform updates to this historic building. …


New Jersey’s Multifamily Growth Is Spurring Financial Activity

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Businesses in the New York and New Jersey areas are driving the economy in multiple aspects. When companies hire on new employees, these families need affordable housing. According to one report, the workforce is adding 29,000 employees this year, representing growth of 1.4 percent over last year. This is the largest gain in the number of jobs created since the year 2000. The leisure and hospitality industry is driving the growth, but education and healthcare have also boosted employment.

Professionals who are seeking housing that is easily accessible to the city of New York often look in Northern New Jersey, simply due to the costs. The New Jersey multifamily rental costs are often half of what they would be in Manhattan. Somerset County has an extremely low vacancy rate in multifamily units. The demand for rentals outnumbers the availability. Developers have identified the problem. Construction is beginning on 12,000 units in New Jersey to meet the growing demand. …


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At the rate that we are using the Earth’s resources, experts predict that they will be completely depleted by 2050. Awareness around this issue has caused the world to rally around the ideas of sustainable capitalism and “going green.” While this used to be the cry of a dedicated few, now entire industries are changing their practices to help preserve the world as we know it.

Included in this effort are New York City landlords, who are steadily changing their practices to provide more sustainable green options for the 69% of New York City Residents who rent. In September of 2014, Mayor Bill de Blasio committed to reducing greenhouse gas emission by 80% below 2005 by 2050, which means retrofitting every public building in the city and some of the 20,000 private buildings, including multifamily buildings, government-assisted affordable housing, and rent-stabilized buildings. …


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This week, we’re shifting away from New York City and moving Southwest to Houston, and the oil industry. As we go into 2016, the energy industry’s impact on commercial real estate is more acute than some would think. Because energy, specifically crude oil, is cheaper than it has been in a decade, the oil industry has seen an increase in layoffs and a lull in commercial real estate demand. The Bureau of Labor Statistics reported recently that energy prices are down more than 20 percent from 2014. JLL’s published report showed that office markets are in trouble, especially in Houston.

The JLL report findings quoted the…


With a short ride on Path, Jersey City-to-New York commuters have a convenient trek to work or play. As one of the most walkable cities, Jersey City (JC) is seeing a rejuvenation in the way of new business and multifamily retail and residential structures.

The Streetfilms.org documentary reports that JC leads in efficiency as well. Citi Bike already has a presence in Jersey City, and the membership is valid in all of New York as well. And with bike lanes drawn along main thoroughfares, the city is quickly making a move away from automobiles. …


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Experts report that 2016 will look much like 2015 in the economic and employment sector with the biggest difference being continued growth in the commercial real estate industry. With unemployment expected to fall 5% early this year, the demand for more housing, retail space, and commercial real estate has expanded.

These 4 CRE trends for 2016 will reflect that expansion:

Urbanization for Everyone

Baby Boomers and Millennials are moving towards more urban spaces — both in work and housing. Baby Boomers are retiring at 10,000 a day, most looking to downsize, sell their homes and move to into walkable, urban or senior communities. Millennials are looking for the city as well but for different reasons. They are workaholics prone towards green initiatives. They are settling down later, opting to rent and looking to live closer to their jobs, shopping, etc., …


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The developer has also agreed with Regal Cinemas to build a 55,000-square-foot movie theater complex, and is in talks with about 20 other potential retail tenants. Over few months to 10 years, the development promises to add 750,000 square feet of office space, 1,000 hotel rooms, and 2,000 apartments with a view of the Raritan River.

By 2017, The Pointe will have its own highway interchange, adjacent Garden State Parkway and U.S. 9 and Route 35 nearby. Together, these highways will carry roughly 600,000 people a day to and from jobs in New York City or to Jersey Shore towns to the south, according to the New Jersey Turnpike Authority, the state’s Department of Transportation and Maser Consulting, an engineering firm working on the project. …


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The question of whether malls are in or out in Manhattan has been hotly contested since Brookfield Place, a luxury mall in downtown Manhattan, sprung up directly across from Ground Zero. Even as a Real Estate investor, I can relate to both sides of this argument, especially when bringing it down to the basic question of what exactly constitutes a mall? As Adam Bonislawski relates in his Observer article, there seems to be some question over whether or not Brookfield Place can even be categorized as such.

On the one hand, we live in a world of convenience so this just might be the obvious next step. Why make residents in TriBeCa trudge all the way up to Madison Avenue for their high-end shopping, when they could do it all in one place close to home? And while erecting the first Gucci store in America, wouldn’t it also make sense to put in a food court filled with internationally renowned cuisine within a stone’s throw perhaps, even within the very same building? …


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With China’s stock market steadily plummeting and the overall value of the yuan dropping right along with it, many of the country’s investors are turning their attention, along with their business deals, overseas to the U.S. real estate market. Originally starting along the coast, Chinese homebuyers have starting scooping up properties located in Dallas and the Midwest and don’t show any signs of slowing down anytime soon.

In addition to buying up residential and commercial real estate in the U.S., Chinese investors have also been buying properties in London and Canada. With this influx of cash, the norms of buying and selling property have been flipped upside down. In 2015, Chinese investors made up the largest segment of buyers in the U.S. …

About

Matthew Astrachan

The CRE Technician, Skilled in Tenant and Owner Advocacy. My views are my own. Follows and retweets are not endorsements. http://matthewastrachan.com/

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