The Real Estate NJ Owner’s Council features Lou March, Owner of March Associates Construction, Inc.
Lou lets us in on his thoughts about 2024’s commercial real estate market and reflects on 2023’s successes.
Read a shortened sample below, with link to the full article at the bottom.
Where do you see opportunity in New Jersey?
Lou: In New Jersey, we’re witnessing growth opportunities in smaller-scale projects across the industrial and residential sectors. These quicker builds lead to less interest accumulation, providing financial advantages for both us and our clients. Furthermore, we’re observing a resurgence in the retail sector, particularly for establishments that are resistant to the influence of e-commerce, such as food outlets, entertainment venues, day cares and hair salons. These “e-commerce-proof tenants” present a promising avenue for expansion.
What is the biggest challenge facing the industry?
Lou: The industry is grappling with a host of challenges, primary among them being the unpredictability associated with rising interest rates, inflation and the subsequent impact on operating costs. Securing materials and managing budgets have become more complex, necessitating innovative approaches like early procurement and value engineering. Additionally, the onset of external factors like hurricane season can drive up the cost of goods, adding another layer of complexity.
Give us a prediction for the fourth quarter.
Lou: I anticipate the fourth quarter to be… Click here for the full article on RENJ’s Owner’s Council
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