IOREBA 2024 Developers Night March 25th 2024 at the Glen Pointe

IOREBA Hosts 29th Annual Developer’s Night

Panel Speaks on Strength, Equilibrium & Opportunity in NJ CRE Industry

Panel Speaks on Strength, Equilibrium & Opportunity in NJ CRE Industry

The Industrial and Office Real Estate Brokers Association (IOREBA) of New Jersey recently held its annual Developer’s Night event at the Marriott at Glenpointe Hotel in Teaneck, New Jersey.

(left to right) Panelist Jeff Milanaik (Bridge Development); IOREBA President Ryan Tiger (Punia Company); Panelist Kevin Dudley (CBRE)

A panel of veteran real estate experts offered their views on the state of New Jersey’s office, industrial, retail and multi-family housing marketplaces and educated the audience on growing trends and predications for the coming year. The panel offered cautious optimism tempered by concerns over capital costs, interest rate volatility and maturing debt.

Over 250 guests from the commercial real estate industry were on hand for the event which included panelists Michael Klein, Senior Managing Director, JLL Capital Markets; Frank DiTommaso, Executive Director, Cushman & Wakefield; CJ Csontos, Senior Loan Officer, TD Bank; Jeff Milanaik, Partner, Northeast Region, Bridge Industrial LLC; and Kevin Dudley, Vice Chairman, CBRE. Geoffrey Schubert of Lee & Associates served as moderator. “We were fortunate to have this panel whose expertise and experience spans many decades in the industry” commented IOREBA President Ryan Tiger.

Back row, left to right – IOREBA Board – President Ryan Tiger, Treasurer Bree Manchanda, Vice President Kurt Kalafsky, Secretary Lorenzo Lambiase. Front row, left to right – panelists Michael Klein (JLL Capital Markets), Kevin Dudley (CBRE), CJ Csontos (TD Bank), Jeff Milanaik (Bridge Industrial), Frank DiTommaso (Cushman and Wakefield), Moderator Geoffrey Schubert (Lee & Associates)

The panel expressed concerns about the uncertainly caused by economic headwinds. It was discussed that while overall investment conditions may remain uneven, certain specialty asset categories present attractive opportunities. Data centers, film production studios and life sciences were highlighted as sectors with available debt and equity.

High interest rates and economic headwinds are expected to pose challenges, particularly for industrial property development due to the associated high costs. It was echoed by all speakers that there still remains growth in all areas with industrial and multi-family products still showing dominance however contrary to earlier predictions, retail is experiencing a revival and that potential is being recognized.

The office sector is becoming increasingly divided, presenting challenges but also pockets of resilience. The hybrid work trend continues to contribute to the distress but a flight to quality is evident. A market split is evident with higher end amenities office buildings thriving while older corporate campuses facing struggles. Medical office space leasing continues to show strength.

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