In this edition, I would like to touch on my vision of where we are at Dickstein Real Estate Services, going forward for the next 20 years. We need to start our discussion by focusing on where we are going in the Garden State. REDEVELOPMENT- The keys to success in New Jersey real estate in the years to come will be found in the creative redevelopment of our older buildings and facilities. Warehouse- Most of the warehouses in Northern New Jersey were built many decades ago with 14 feet ceilings heights. Today’s modern warehouses are much larger properties that have 36 foot ceilings, multiple loading docks for 66 foot long tractor trailers and energy efficient lighting systems. . Office- The majority the office buildings in Central and Northern New Jersey were constructed in the 1970’s, many more than 50 years ago. Back then, speculative developers were constructing poorly and inefficiently designed projects with little or no money down. Over the years, many of these properties have had cosmetic facelifts, but the buildings themselves have the same basic infrastructure. It is very difficult to retrofit these older designed properties with today’s green energy efficient systems, described below. REPURPOSING- Repurposing is coming up with a new concept for an older building. Some examples are: converting an old office building into a new modern medical facility, demolishing an old warehouse and constructing a new retail strip mall, or taking an old laboratory site and constructing new multi-family housing. Repurposing New Jersey infrastructure is the future. Developers are going to the inner city and rebuilding one block at a time. Take a look at Hoboken, NJ. Thirty years ago, this aging community was rediscovered. Today, almost every block in the entire city has been completely redeveloped. This was not done by the major developers, but by smaller more entrepreneurial companies that seized upon the opportunity and made a whole new city in the process.  An essential element of all this redevelopment has been to convince government to simply get out of the way. Sure, government incentives for some redevelopment projects are a help, but on a large scale, the most important factor is for the regulatory folks to simply step out of the way of progress, and let it happen. OUR FUTURE- Our Mission at Dickstein Real Estate Services is to provide our clients with the most complete unbiased real estate advise using the most effective and efficient systems in the real estate business to obtain the best possible space at the best possible terms. NEW CONSTRUCTION-  Green buildings, using energy efficient systems, solar energy production and environmentally sustainable building materials just make good business sense.  The payback period is only about 7 years for a GREEN building design and the productivity of workers shoots up about 30 percent.  That’s right, 30 percent.  Imagine 30 percent fewer sick days. In addition to GREEN design, modular offices partitions are the wave of the future.  Moving snap-together walls like an erector set without extensive build-out delays are the wave of the future for building interiors. Our unique role is to help our customers transition from today’s world to the future as I have described it.  So, let’s talk about how this transition relates to you today.   In this economy, most of our clients will end up simply renewing the lease.  Moving is costly and disruptive.  So, let’s talk about how to handle a renewal of lease, since most of you are in that category. RENEWAL OF LEASE- We at Dickstein Real Estate Services create the right competitive environment to incentivize the Landlord to compete for your business. As more and more of our clients achieve more revenue stability they will be more often seeking to renew the lease rather than relocate the office. The future for us, is in understanding the needs and motivations of our tenant/clients.  In this way we are able to develop and implement effective negotiating strategies to achieve the outstanding results our customers have come to expect. Thank you for letting us be a part of your lives.  Let me invite you all to join us at our 40th anniversary party in 2025. Regards, Larry

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