Are there markets in NJ at risk of apartment overbuilding, especially in Class-A apartments, or is the demand still there? That's a question the speakers at our NJ Mega Multifamily Forum on Sept. 21 in Jersey City will answer for you. We asked them for a preview of their thoughts.
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Among our speakers will be Tantum Realty founding principal Debra Tantleff, who tells us it’s a function of the economics of the local submarkets. Nonetheless, she says there's lot of inventory being delivered into the overall pipeline.
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Smart developers, Debra says, will place greater emphasis on their construction phasing to effectively deliver the product in context of surrounding competition. "The end user demand is there—it’s a question of recognizing the leasing and marketing strategies associated with converting that demand," she says. Some communities will see a slowdown in absorption, while others will see an increase in concessions.
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"We're continuing to see a steady increase in demand for luxury apartments in transit-friendly locations with easy access to Manhattan, such as Jersey City, Harrison or Bloomfield," says BNE Real Estate Group EVP Jonathan Schwartz, who will also be a speaker. Not only are renters demanding various transportation options, they are equally drawn to an upscale urban lifestyle at a value. Shown: BNE's The Monarch in the Meadowlands.
Here more from Debra and Jonathan and our other experts at our NJ Mega Multifamily Forum beginning at 7:30am on Sept. 21 at the Liberty House Restaurant in Jersey City. Sign up here.
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