2020 Central NJ Real Estate Forecast
Last Thursday, I started my morning off at the Princeton Mercer Regional Chamber’s 2020 Central NJ Real Estate Forecast, where I joined nearly 400 others for a very insightful discussion from some of the industry’s top experts.
Some takeaways from the event include:
Residential Real Estate:
- Projections for Hopewell and Princeton are optimistic.
- Overall residential real estate in New Jersey is not a huge growth area.
- 40% of millennials are looking for rural area houses. However, their rural area is different from rural areas of 10+ years ago
Commercial Real Estate:
- The low unemployment rate should lend itself to the increased housing market, which in turn leads to more commercial development.
- Millennials will drive the market. They comprise the majority of the workforce.
- Downtown Princeton-area restaurants will see an increase in the next few years as millennials seek walkable communities in which to live.
- New Jersey, as a whole, is suffering due to reduced population growth combined with the declining millennial population.
- New Jersey is suffering from public policy issues delaying development and making development difficult.
- The office market in New Jersey is aging, and not many new office buildings are being constructed. Retail is struggling, and what will happen with the malls remains to be seen, as some malls are converting to distribution centers or schools. But there is a lot of square footage that needs to be filled, and that number will increase.
If you have questions about the program or need assistance with a real estate-related issue, Klatzkin can help. For additional information, call us at 609-890-9189 or click here to contact us. We look forward to speaking with you soon.