Why South Jersey Can Compete with the Big Cities, and Win
As a real estate market, can South Jersey compete? The answer's yes, and according to some it's the best value from DC to NY. That's why we're excited to hear from the experts at our 4th annual Bisnow Future of South Jersey on July 22 at the Westin Mount Laurel starting at 7:30am.
South Jersey properties are competitive for a long list of reasons, Whitesell VP James Whitesell, who will be a speaker, tells us: on the basis of price, lower labor costs—less than northern NJ, for sure—the region's educated employee pool, and an abundant building inventory. There's also a diverse industry base, mature infrastructure, proximity to quality education and health care, and government incentive packages, he adds. He's pictured with colleagues Peggy Ireland and Joanne Patchel.
On a micro level, James explains, new tenants are also attracted to area properties based on the landlord’s reputation and financial stability, and building quality. Business-friendly municipalities with lower property taxes and predictable paths to business startups are also important, and South Jersey governments are better than most in encouraging new business. Pictured: Whitesell's 750 Centerton Road, Laurel Creek Corporate Center in Mount Laurel.
Besides its own merits, South Jersey also offers a company’s employees access to Philadelphia and all of its amenities, along with NYC and DC, but at the same time a lower cost of living, Somerset Properties VP Jeff Arnold, who will also be a speaker, tells us. Millennials might want to be in urban areas now, but it won't be long before they appreciate nice suburban towns with excellent schools—something South Jersey offers.
The market's also competitive because of the diversity of its property types, including Class-A office, flex and industrial. "All property types are more reasonably priced than in other Boston-Washington suburban metro markets," Jeff says. "These factors combine to create the best value in the Mid-Atlantic region." Pictured: Somerset Properties' Marlton Executive Park.
Pureland Group's Charlie Walters, who will be a speaker, tells us that in some cases Pureland has been able to obtain a premium in rent because of a South Jersey location. “Mega-boxes in Central New Jersey and the Harrisburg area distribute products to many distant destinations, but for next/same day delivery, there are locations that can effectively do that in South Jersey." An example, he says, is the recent arrival of Amazon at a new 275k SF building in the Pureland Industrial Complex in Logan Township. Join us for our 4th annual Bisnow Future of South Jersey on July 22 at the Westin Mount Laurel starting at 7:30am. Sign up here.
