Description

The impact of the recession on commercial real estate in New Jersey - particularly office - has been well-documented. Subsequently, an emerging trend has been that more companies are willing to pay the price - a premium of at least 30 percent - for office space in NJ's urban centers to gain access to a young, urban workforce and the amenities they seek. The result? A suburban NJ vacancy rate of 25.6 percent, the highest among the 10 largest suburban markets tracked by Jones Lang LaSalle.

"Dinosaurs or Diamonds? Re-Imagining NJ's Suburban Office Spaces" is the title of the discussion at NAIOP NJ's Chapter Meeting, slated for Tuesday, March 19, 2013 at The Heldrich in New Brunswick. Are NJ's vacant suburban spaces dinosaurs doomed to extinction, or are they "diamonds in the rough," ripe for re-imagining and repositioning? What will it take to turn these properties into dynamic work environments meeting the needs of today's employers and employees-or are other uses in the cards for these sites?

Brian Whitmer of Cushman & Wakefield, Inc. will lead a topical, interactive discussion on the future of NJ's suburban office product.Joining him in the discussion will be Tom Michnewicz of Somerset Development, Sam Morreale of Vision Equities, Paul Teti of Normandy Real Estate Partners, and Economist James Hughes of The Bloustein School at Rutgers University.