Healthy Momentum in Multifamily, Panelists Say

RUTHERFORD, NJ—It’s a good bet that multifamily apartment units being constructed in urban waterfront locations will get absorbed by the market, but it’s a question of how long it will take and at what price, say Multifamily Renaissance panelists at this year’s RealShare New Jersey conference.

“Rents are growing significantly, but what we are going to be doing on the office side is reimagining the space, opening up the space, bringing in new retail,” said Gabe Schiff, EVP of finance, Roseland, the Mack-Cali subsidiary with a significant presence in Jersey City. “On the residential side, you have to build to your tenant.”