May 7, 2019
ENR New York
City Grill: http://https://www.enr.com/articles/46823-city-scoop-the-great-private-outdoors-in-north-jersey
“We have noticed two major trends in the northern New Jersey area,” Kimmerle says.
He notes that access to private outdoor space is becoming a major force in new office construction and renovations, “and tenants of all sizes want more than the traditional outdoor adjoining plaza and/or café.” Kimmerle says firms seek “bigger spaces that can host all of their staff” and provide amenities.
Challenges to make this happen include “zoning and planning impediments as well as a need for additional construction and weatherization elements,” he notes. “That being said, we believe this trend will continue to grow as tenants look to differentiate themselves from competitors.”
A second trend is the continued interest in refitting outdated buildings into office, senior living and multifamily uses. “The search for below-market properties to adapt has stretched its wings beyond the typical 1910s to 1950s industrial building conversion,” Kimmerle says, with developers showing interest in converting 1960s and 1970s concrete office buildings.
“Asbestos is still a real problem in a lot of these buildings,” he notes, with ”some or all of the building systems” possibly needing full replacement.