FLORHAM PARK, NJ—Developers trying to revitalize suburban office parks need to be thinking outside the box about their renovation plans if they are to succeed, according to Clark F. Machemer, SVP and regional development officer of the Rockefeller Group Development Corp. Machemer is serving this year as president of the New Jersey NAIOP Chapter.
“In the markets where I'm working, you're not finding a 700,000-square-foot user that wants to plop down somewhere,” he tells GlobeSt.com exclusively. Success, he says, comes from acknowledging the realities in suburban office space. “The partner that you need is a community that recognizes the changing real estate market that's out there,” he says. “Florham Park has been able to adapt with us as we've changed our plan, not on a whim, but reflective of what the market is.”
In a wide-ranging interview, Machemer talked about the changing composition of Rockefeller's major redevelopment effort, and discussed some of the regulatory initiatives NAIOP New Jersey is pursuing.
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