■ Business Forecast
■ Business Forecast
construction costs and interest rate hikes have made penciling development deals more difficult . In addition , prime development sites are becoming scarcer , forcing developers to be more creative in site selection , design , and financing .
While office-to-residential conversions may not be a panacea for the struggling office market , opportunities do exist , especially in light of the strong demand for housing .
Retail
One of the most unexpected developments in recent years has been the resilience of the retail market . E-commerce has undoubtedly taken a share of demand , but well-located , high-quality retail spaces continue to experience strong demand .
Inflation has caused consumer spending to slow throughout 2024 , and the upcoming holiday shopping season will serve as a litmus test for consumer sentiment heading into the new year .
As we navigate the complex landscape of the New Jersey commercial real estate market in 2024 , it is clear that vigilance , adaptability , and strategic decision-making will be crucial for professionals in this sector . Uncertainty looms , but with informed perspectives and prudent strategies , operators can chart a path forward in this evolving market .
ACCOUNTING
The biggest impact on the accounting industry for 2024 will be finding talent . We face a well-documented pipeline challenge , with fewer students enrolling in college accounting programs and fewer graduates choosing to enter the profession . To combat this trend and make strides in the short and long term , we need to attract a more diverse pool of talent into the profession and to continue to focus on inclusivity to improve the experiences of those who are currently in the profession .
Goldstein Lieberman & Company , LLC Phillip E . Goldstein , CPA , Managing Partner
The shortage of CPAs will continue to plague the profession . 350,000 CPAs left the profession during the pandemic and now it will take years to recoup from the loss of CPA professionals for Public Accounting Firms , Companies and Corporations who need audits , reviews and compilations as well as the implementation of new technologies like Artificial Intelligence ( AI ) and more . Not surprisingly , mergers and acquisitions will continue to prevail as many firms struggle to keep up with the profession and its constant changes . We will see an increased number of private equity firms and hedge funds . AI will create a brave new world of accounting practices . Goldstein Lieberman will continue our steady , rapid growth thanks to our advanced planning , leadership position in the field and our ability to attract and maintain CPAs who are eager to work in an office setting where interaction with clients and colleagues is in person … and promoted !
key areas , including accounts receivable and maintaining optimal inventory levels . Inflation increases operational costs , while high interest rates affect borrowing and investment decisions , and global instability has the potential to disrupt supply chains and international markets . Careful financial monitoring and adaptive strategies will be crucial for businesses to navigate and thrive in this complex economic landscape .
Traphagen CPAs & Wealth Advisors Robert J . Traphagen , CPA , CGMA Managing Partner
The accounting industry will be dramatically impacted in 2024 . AI and digitalization will continue to evolve , and technological literacy will become a foundational component of accounting , including a new 2024 CPA licensure model .
The CPA exam will now include technology as a CORE segment to recognize the rapidly changing skills and competencies within accounting . The industry will be transformed with an accelerated move to Cloud Based Systems , Data Analytics and Client Advisory Services .
This will provide opportunities for accountants to shift from their traditional role of historical reporting to an active advisory role , as a strategic decision-maker , synthesizing real-time data .
Citrin Cooperman Laura Crowley Partner , NJ Manufacturing & Distribution Industry Practice Leader
Smolin , Lupin & Co ., LLC Paul Fried , CPA Chief Executive Officer
While AI and outsourcing will remain significant trends in 2024 , I think the state of the economy will be a major issue for businesses . I am concerned about rising inflation , high interest rates , and global instability . Business owners should remain focused and monitor
Finding skilled personnel will be a challenge for accounting firms in the year to come .
Photo : Getty Images / iStockphoto // Sakorn Sukkasemsakorn
BANKING
Columbia Bank Thomas J . Kemly Chief Executive Officer
Due to Bank failures in March 2023 , consumers and business owners have begun prioritizing safety and soundness of their funds . My prediction for 2024 is that financial institutions will continue to compete for deposits by offering high rates , while simultaneously working to educate clients on how Banks protect their funds . Columbia Bank has begun to educate clients on financial ratios like uninsured deposits , liquidity and non-performing assets in order to maintain the confidence of our clients .
Kearny Bank Craig L . Montanaro President & CEO
I believe artificial intelligence will be a major factor in our industry , with financial institutions seeking a clearer understanding of the technology ’ s capacity for enhancing or- Continued
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