NJ Apartments On The Verge Of Overbuilt?

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.

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.

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.

"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.