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  IOREBA’S SECOND ANNUAL URBAN DEVELOPER’S NIGHT HIGHLIGHTS POTENTIAL FOR N.J. CITIES; NEEDED CHANGES IN STATE BUSINESS ENVIRONMENT
Record Attendance Shows Interest in Urban Marketplace
 
NEWARK, N.J., Feb. 8, 2010 – An evening of networking and information exhibits attracted more than 220 attendees to the Second Annual Urban Developers Night presented by the Industrial and Office Brokers Association of the New York Metropolitan Area (IOREBA). “The majority of the Landlords were from Jersey City and Newark,” said Sean Brady, vice president of IOREBA and senior director at Cushman & Wakefield of New Jersey. Brady, who is the conceptualist and creator of the event, for the coming 2011 event will try to attract landlords from New Brunswick, Paterson, Trenton and Camden. For the past two years, the event was held at the Robert Treat Hotel in Newark, one of the most important urban hubs in the state. The event drew more than 35 exhibitors, far surpassing last year’s program.

The event is a testament to the importance of the urban redevelopment market in New Jersey according to Charles Logan Jr., president of IOREBA and chief executive officer for The Aztec Corporation. “This is the fourth IOREBA meeting in a row that has achieved record attendance from our members and guests,” he said. “That is a tribute to the programming we have established, and also an exciting indication that the industry is starting to gain momentum.”

Jerry Zaro, Chief of the Governor's Office of Economic Growth, served as moderator for the panel of speakers, which included Marc Berson, chairman and founder of Fidelco Realty Group; Gus Milano, executive vice president of finance/leasing for Hartz Mountain Industries, Inc.; and John Saraceno, co-founder and managing partner of Onyx Equities, LLC.

During the discussion of the urban marketplace, Berson noted: “urban areas are starting to become more desirable places to live compared to past perceptions. Urban universities, business environments and lifestyle amenities are merging, which has a positive impact on urban growth.”

A Sideways Year
Saraceno, when asked for a forecast for development of the urban marketplace for 2010, said it will be a “sideways year.” “Many people feel the worst is behind us, and those who have survived are ready to make decisions,” he said. “Private companies will be the first to bring jobs back and take advantage of the incentive programs in place for urban markets.”

When Zaro asked about the biggest challenge for developers in New Jersey, Milano cited the local government’s control over projects. “Even if developers have approval from the state, local municipalities can delay the process,” he stated. “It’s very difficult to do business in this state as a developer.”

In describing New Jersey’s loss of revenue and businesses, Milano blamed the income tax structure. “In changing the way the state does business, New Jersey should look at some of Pennsylvania’s practices,” he noted. “Governor Rendell makes himself very accessible, even phoning large companies looking to relocate to that state. Businesses are impressed that he is personally involved,” he concluded, adding that it is essential for New Jersey to make some adjustments to stay in the game.

All panelists, when asked, agreed the urban areas will be the office market that sees the largest amount of the leasing activities over the next 12 to 18 months.

With roots dating back to 1927, IOREBA is one of the nation’s largest regional commercial real estate groups; the group has grown to more than 300 members that conduct business in New Jersey, New York, Pennsylvania and Connecticut. To assist its members in difficult economic times, IOREBA has cut costs for events and membership to ensure members are able to take full advantage of everything the organization has to offer. The next scheduled event, “Protecting the Tenant, Real Estate Broker and the Service Provider in this Distressed Real Estate Market,” will take place on Mon., Feb. 22, at the Stony Hill Inn in Hackensack, N.J. For more information, visit www.ioreba.com.



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