Business Report: NJ’s real estate market, warehouse boom, infrastructure package, vaccine mandates

Realtors say some NJ house markets are starting to calm

New Jersey’s residential real estate market has been on fire for months, but some of that frenzied buying activity has cooled. That’s according to New Jersey Realtors, which says after a record-setting first half of the year, concerns over affordability and a lack of housing inventory have slowed the market. NJ Realtors president Jeff Jones says some markets are calming down and a more stable, normal market is in the future. In terms of affordability, while mortgage rates are still low, housing prices have exploded. The median sales price for homes in New Jersey this year is $385,000, a more than 20% increase over the same period in 2020.

Meantime, the state’s warehouse market is still booming. Warehouse vacancy rates have fallen to record lows and rents have hit record highs in northern and central New Jersey, according to a new survey. And that’s why we’re seeing a surge in new warehouse construction. You can dig deeper into this story here.

Members of the congressional Problem Solvers Caucus held a news conference in Washington to try to convince their colleagues to support the new bipartisan trillion-dollar infrastructure package. New Jersey Rep. Tom Malinowksi (D-7th) was among those lobbying for its passage on Friday. The bill cleared another hurdle Friday as the U.S. Senate advanced the bill on a procedural vote.

The delta variant of the coronavirus is giving some Big Tech companies pause over whether to call their employees back to the office. This week, Google announced it would delay a return to its offices until October and said all workers must be vaccinated against COVID-19. Shortly afterward, Facebook said it too would require vaccinations. The research firm Gartner says other major technology companies may follow suit on vaccines but at this point, according to surveys it conducted, less than 10% of employers have said they intend to require vaccines for all employees.

We’re in this together
For a better-informed future. Support our nonprofit newsroom.
Donate to NJ Spotlight