Robust Northeast Retail Real Estate Market Spurs Increased Construction – Exclusive Q&A with Matthew Harding of Levin Management
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NORTH PLAINFIELD, NJ—The Northeast retail real estate market is robust heading into the heart of 2015. Matthew K. Harding, president of Levin Management, sees higher pricing in the near future as most of the prime real estate has been gobbled up. He gave us his views on the retail market in New Jersey in this exclusive Q&A.
Q: You’re seeing things getting tighter, and it’s pretty much at the top end of the market, right?
A: An emerging supply/demand imbalance for Class A space is beginning to create some barriers to entry for retailers in our market while also spurring an increased construction pipeline. Notably, we are seeing stepped-up expansion of existing shopping center properties. For new projects, flight to quality is a common theme, and developers are focused on opportunities in established retail corridors and those that involve the strength and stability of a grocery anchor.