(To register for RealShare New Jersey, click here)
NEW BRUNSWICK, NJ-The RealShare New Jersey Freeview, part of ALM Real Estate Media Group's webinar series, gave insight and a taste of topics and panels for the upcoming RealShare New Jersey Conference happening on October 6th, 2010 at the Hyatt Regency in New Brunswick. The webinar, moderated by Eliot Markowitz, consisted of a panel of experts who will be part of larger panel discussions at the October event. The group touched on the driving issues in New Jersey today. The panel was: Michale Fasano, Marcus & Millichap's regional officer for New Jersey; Alyson Grala, managing editor of Real Estate Forum and GlobeSt's midatlantic editor; Michale McGuinness, NJ NAIOP's executive director; and Jeff Hipschman, senior managing director at CB Richard Ellis.
Grala explained that no market trends were holding sway over which properties were trading, rather deals are getting doen "lender by lender, property by property." She also explained that New Jersey's lack of overbuilding has helped sustain the state better than contemporaries such as Florida or California, noting that the Garden State had "few peaks, so the valleys aren't that deep."
Fasano concurred and added that it is helpful to have a good idea of how the state is moving forward, as opposed to the previous two years where industry professionals were "challenged to find what the next six, 18 and 24 months would bring us." He noted that much of the discussion to happen at the upcoming RealShare New Jersey would focus on the state's through-line for the next few years, but for right now, agency and commercial banks were leading the way with financing.
Data Centers were a bright spot amid the downturn for the state, explained Hipschman. New Jersey was seeing a lot of interest from New York City, particularly financial services industries, which needed quick and reliable storage for their data. Essentially, the places were "shopping for power" not necessarily capacity. New Jersey has a high concentration of fiber optics and, as importantly, not a lot of disruptive neighbors, which he says, is an important aspect of data storage. Hipschman will further break down how to choose the proper location for data center investment at RealShare New Jersey.
McGuinness has his eye on governmental policies. He sees some positive indications, but feels that New Jersey must promote and incentive a "paradigm shift" to its view of waterways and cities as critical resources, as well as refocus the state's environmental stance. His panel at RSNJ will focus on how to make a project shovel-ready. Some of the incentives being pushed are a municipal tax abatement, which will push jobs, but require a departmental coordination that has yet to materialize.
(To listen to a replay of the Freeview webinar, please click here)
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