New Jersey’s commercial real estate market has been generating heat and headlines for several years now. The industrial sector, in particular, has been white hot with the continuing growth of e-commerce and online shopping – even in the face of a NIMBY backlash against warehouses.

Other sectors, especially in the office market, remain in flux. Changing attitudes toward work altered the dynamics for both owners and tenants. Office buildings must accommodate a range of new expectations that continue to evolve. And there are few signs that the forces driving the changes will abate any time soon. Similarly, evolving needs of families and individuals are reshaping the multifamily residential market.

Higher interest rates may have slowed development for a time, but construction and renovations continued. Now that the Federal Reserve has lowered its benchmark rate – and may do so again before the end of the year with inflation apparently under control – it’s an environment that should be conducive to continued growth.

Political uncertainty – the presidential election this year and a gubernatorial election to fill an open seat next year – adds a bit of a wild card. But it’s the job of real estate professionals to anticipate differing sets of circumstances.

The individuals recognized below will be doing just that. They’ve already demonstrated the ability to manage change through the COVID-19 pandemic and its aftermath. It is hard to imagine worse conditions than those that prevailed from 2020 to 2022, so no one would be blamed for being bullish about the immediate future.

Take a look at the profiles here and let us know what you think of the group. And if you think someone else belongs on this list, we want to hear about that as well.

– Jeffrey Kanige, NJBIZ editor

Methodology

Power lists are compiled by the NJBIZ editorial staff based on our reporting throughout the past year with input from experts in a variety of fields and recommendations from our readers. The staff looks for people who have gained public attention – and perhaps acclaim – for their professional accomplishments and public service. Each list identifies individuals who, through their efforts, are helping to make New Jersey a better place to live, work and do business. Honorees are not necessarily better at their jobs than others in their profession, but they have contributed meaningfully to the advancement of the public interest through their work and/or community service.