Anyone reading this already knows how important the commercial real estate market is to the New Jersey economy. And anyone who knows this also knows that the market has been exceptionally strong for several years, including through a deadly global pandemic. The people recognized in these pages are largely responsible for this strength and, therefore, are extraordinarily important economic players. In a real sense, the post-COVID recovery is in their hands.
The growth of the industrial sector has been well documented – the state is well positioned to take advantage of the explosion of e-commerce and has the infrastructure to meet this growing need. But a wide range of businesses are represented here. Offices, multi-family residential buildings and retail all performed well. As are professions such as law and appraisals. Each person featured contributes to the success of the industry.
While industrial history is largely suburban and rural history, a particularly encouraging sign for the nation’s most urban state is the extent of economic development taking place in New Jersey’s often struggling towns. What’s happening in Newark and Jersey City, the two largest in the state, is long overdue and bodes well for the future of the state as a whole. And what Chris Paladino has accomplished in New Brunswick – with the help of Jack and Sheryl Morris – is nothing short of extraordinary. Oh, and he’s also helping Atlantic City diversify its gaming-centric economy.
And the future looks even brighter. Tony Coscia, for example, and the Gateway Development Program Corp. are about to put shovels in the ground on long-awaited improvements to the rail system connecting New Jersey and New York. With Washington now on board, billions of dollars are expected to start pouring into the state, another boon to the economies of that state and the entire region. A stronger regional economy should add even more juice to businesses on this side of the Hudson. The people featured here will be the foremost stewards of this process.
So take a look and let us know what you think. As always, the top 10 individuals are presented in numerical order; the others are listed in alphabetical order.