Tech Companies Are Keeping Real Estate Industry Afloat in New Jersey

April 3rd, 2014 – in market trends technology

According to a discussion at a recent annual gathering of the New Jersey chapter of the National Association of Industrial and Office Properties (NAIOP), Real Estate and tech aren't just a trendy pairing of industries. Rather, tech is the answer to keeping the state's Real Estate industry alive, according to NJBiz.

Once heavily engaged in bringing in financial service businesses, commercial Real Estate agents in New Jersey have watched the landscape of that industry become something completely different — and less lucrative — than it once was, and are now setting their sites on entrepreneurs and tech startups. Currently, the intellectual talent of that variety is being drawn to lower Manhattan and Brooklyn, said Dennis Bone of the Feliciano Center for Entrepreneurship at Montclair State University. While New Jersey has the assets to get tech startups to look its way, including growing urban live-work-play communities, the state doesn't yet have the reputation for appealing to that market.

That's something that must change, conference panelists said. With a merger of educational giants Rutgers University and the University of Medicine and Dentistry of New Jersey, the state now has a refreshed educational image to tout. Incorporating that image into the focus of economic development activities in the state will be important going further, the panelists stressed.

Author: Steve Simmons