New Jersey experienced frenzied market conditions during the Covid-19 lockdowns, driven largely by buyers seeking more space in suburban areas. These buyer behaviors were also supported by historically low inventory and interest rates.
However, the past few months have seen a significantly slower market pace as prices reached their affordable peak, and the abandonment of metro areas has all but ground to a halt.
New Jersey’s industrial market, meanwhile, has witnessed seemingly relentless demand throughout the pandemic. This has resulted in record-high prices, coupled with a historically low availability rate. As restrictions ease and new constructions begin, strong tenant activity has the potential to cause further increases in rental rates.
As New Jersey’s real estate market normalizes somewhat, and the spotlight focuses on returning to ‘business as usual, what emerging real estate technology trends are we likely to see in New Jersey?
The task of future-proofing corporate real estate spaces is no mean feat. One technological advancement that is already emerging at a considerable rate throughout the commercial real estate sector is that of touchless technologies. Whether for retail, industrial, or multi-family occupancies, the need for touchless access control systems is greater than ever.
Even as the world returns to some level of pre-pandemic normalcy, the spotlight is firmly on the reduction of risk regarding disease transference. Contactless access systems and door locks provide peace of mind regarding hygiene, while also improving the security of a premise. These cutting-edge technologies can also allow for social distancing control, with space occupancy monitoring just one additional feature that can help to improve health and safety.
RFID door locking systems, for example, provide contactless access to authorized persons, as well as reliability and trackable data. Access technologies such as this are becoming commonplace to combat viral threats and enhance building securities.
Portable Technologies for Increased Work Flexibility
Like many parts of the country, New Jersey is in the midst of welcoming employees back to their physical business premises. Still, the ongoing trend towards remote-working is set to cause considerable changes to offices as we have known them. 60% of professionals concur that office tenants will be focused on expanding their businesses spaces to accommodate social-distancing-friendly means of collaboration and interaction.
That said, the need to efficiently support ongoing remote-working needs is paramount to a successful business operation moving forwards. Aside from any long-term shift in preferences, working from home flexibilities will be more important than ever in ensuring optimal health and safety in workspaces. Anyone not well enough to present at work will be encouraged to work from home more strongly than ever before.
It will therefore be necessary to increase the operational technologies of some businesses, to successfully cater to these changes. As far as the commercial sector goes, Portable devices, cloud data management, and collaboration software will undoubtedly become more prevalent.
Occupancy monitoring has become key to ensuring that businesses successfully follow social distancing regulations. As more people return to the physical workspace, it’s imperative that businesses can set and adjust commercial capacity limits with ease, as well as enforce them by altering access control authentications as necessary.
Occupancy monitoring tools such as people counters, density sensors, and access control systems are increasingly being installed to facilitate improved occupancy management. In addition to the upfront management benefits, these tools can also provide highly useful data. Commercial real estate operators and building managers can use the data gleaned from such detailed occupancy reports to better understand tenant behaviors and enhance their management and decision-making.
Tech Advancements Will Optimize Health, Safety, and Security
New Jersey’s property market may be cooling, but this does not represent a negative trajectory, only a balancing out as the pandemic-recovery moves into more certain times.
As the world returns to life and work, new advancements in technology will have to be adopted to optimize health, safety and security in commercial spaces. These technologies also assist in the potential for growth and successful adjustment to a new normal.