For the closing session at I.CON Cold Storage, a panel of cold storage operators shared how they approach their real estate needs; what factors they consider for their facilities’ locations; and their outlook for the cold storage sector.
An expert panel at I.CON Cold Storage – cold storage lenders, developers, operators and professionals – shared their perspectives on available capital for this sector and what to expect in the year ahead. A recurring theme: Investors are realizing they don’t want to get left behind and are looking for entry points into cold storage.
Starting a business involves juggling many factors, and while location might not be as critical as it once was due to the rise of remote work, it still plays a significant role in a startup’s success. Some cities go above and beyond in fostering a supportive environment for new ventures, providing access to resources that can make or break a budding company.
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 201H-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.
