In 2024, the U.S. is set to achieve a new milestone in apartment construction: For the first time in history, the number of apartments completed in one year is anticipated to surpass the 500,000-unit mark. Developers are on track to complete over 518,000 rental units, which marks a significant 9% increase compared to 2023 and a 30% rise from 2022.
A new self-certification program within New Jersey’s Department of Community Affairs will bring important reforms and consistencies to local permitting processes that will spur commercial and residential development throughout the state. NAIOP New Jersey was actively engaged in moving the bill establishing this program through the legislative process.
Good balance is key for water skiing. Michael Testa, a recipient of the 2023 Developing Leaders Award and a competitive waterskier, is known for his skill at successfully managing his many commitments in all aspects of his life: work, volunteering and in his waterskiing competitions across the U.S.
In 2023, the trend of transforming buildings into apartments saw a significant revival, nearing the peak levels of 2019 and 2020, as developers responded swiftly to the increased demand for housing after a two-year slowdown. The momentum for adaptive reuse is expected to continue, with an estimated 151,000 rental apartments currently being converted, including 58,000 from former office spaces.
In a historic achievement, NAIOP Hawaii’s Government Affairs Committee has successfully seen its first authored piece of legislation become state law. Act 31, which creates a new Affordable Housing Credit program under Hawaii Revised Statute Section 201-38, marks a significant milestone in the effort to address Hawaii’s pressing housing crisis. This innovative program aims to incentivize real estate developers to build more affordable housing, addressing the dire need for such units in the state.
How many different commercial areas in your market are in transition? Perhaps a new mixed-use development is underway, or a nearby office campus sits empty. These changes are familiar market landscapes to CRE professionals, but they may not be as familiar with the tools to help maneuver these transitions. One tool that can channel the voices and dollars of commercial real estate owners to great effect is known as special purpose districts, or a host of other names.
Although safety exists as a core value across all areas of the construction industry, the increased risk of serious injuries or fatalities persists. It’s important for every team member to take responsibility for safety compliance, empowering others to take responsibility for not only their own actions but the actions of those around them.
Driven by collaboration and exploration, Maria Poyer, a recipient of the 2023 Developing Leaders Award, has evolved as a dedicated commercial real estate professional, specializing in acquisitions and development. With a proven track record and throughout her career, she has shepherded over $4.9 billion in commercial real estate transactions and worked on various developments, bringing a wealth of expertise to every project.
Since the early days of the COVID-19 pandemic, investors have been waiting on the sidelines to take advantage of distressed properties, hopeful that the event would trigger something akin to the steep discounts available during the Global Financial Crisis. However, banks have learned lessons from the GFC, and this time around have been more cautious to unload their book of CRE loans. As a result, there have been fewer distressed opportunities in this current economic cycle.
The goal of the roundtable event was to convene a group of commercial real estate professionals who are passionate about advancing the interests of DEI for an interactive conversation about the state of DEI in the CRE industry and discuss ways to continue to make progress.
