■ Business Forecast
■ Business Forecast
GLA . This translates to a busy time for integrated third-party services providers that offer a full suite of services including leasing , management and construction management . For example , this year Levin Management spearheaded the ground-up construction of two industrial buildings to expand an established campus in Piscataway . On the retail front , we recently launched a major redevelopment in Watchung , and are leading pad site developments and tenant fitouts statewide . We expect this momentum to continue in 2024 .
NAIOP New Jersey Dan Kennedy Chief Executive Officer
We are keeping a very close eye on two drivers with strong impact potential for the commercial real estate development industry in 2024 . First , access to capital – a necessity to move new projects forward – has become a major hurdle , with continued high interest rates making conventional loans a costly option . Second , and more specific to New Jersey , high-profile recommendations on land use and the decarbonization of buildings are under consideration by the Legislature and various state agencies . As always , shifting environmental regulations can signal sea change for development . Ultimately , we are in ‘ wait and see ’ mode on both fronts .
Terrie O ’ Connor Realtors Terrie O ’ Connor Broker President
Leading Real Estate Companies of the World Chief Economist , Marci Rossell , predicts that mortgage interest rates should fall by second quarter 2024 which should help hesitant sellers to begin divorcing their 3 percent mortgages and make the move they ’ ve been delaying . As interest rates drop and inventory improves , we should begin to see a more robust real estate market . As much of Northern New Jersey remains very much a seller ’ s market , home prices are expected to continue rising , albeit at single digit rates .
STAFFING
Royal Building Service and Valet King John Fuda Chief Executive Officer
I oversee a specialized staffing agency that offers a comprehensive spectrum of crucial personnel solutions . Our portfolio encompasses valet attendants , concierge staff , drivers , security guards , and janitorial professionals , serving venues across three states .
The year 2024 is poised to usher in a notable transformation with the advent of a minimum wage increase in New York and New Jersey . While this adjustment seeks to enhance the welfare of our workforce , it concurrently presents a series of intricate challenges . These challenges manifest as employees , even those currently compensated above the minimum wage , pursue remuneration enhancements , and embark on exploratory journeys into alternative employment opportunities that promise more favorable compensation .
This scenario accentuates the necessity of staff retention strategies . We find ourselves compelled to develop adept methods of sustaining the loyalty and enduring commitment of our workforce , all the while confronting a new breed of competitors such as Uber Eats and Uber . These contemporary business models provide workers with unparalleled flexibility , enabling them to determine their schedules and operate without the constraints of strict uniform requirements and direct supervision . Such flexibility bears a certain allure , particularly to those who seek liberation from the conventional 9-to-5 paradigm and the associated constraints imposed by rigorous timekeeping and uniform regulations .
As we traverse this transformative landscape , our primary aim is to exhibit adaptability and innovation in devising solutions that uphold our business ’ s enduring prosperity , simultaneously guaranteeing the finest experiences for our valued employees and clients .
UTILITIES
Veolia North America Karine Rougé Chief Executive Officer
Devastating wildfires , smokeclogged skies , flooded cities and eroding beaches have shown Americans that the consequences of environmental change are real . The good news is it is leading to real public pressure for solutions , sustainability and decarbonization – just as tens of billions of dollars in federal support become available for it . Veolia ’ s purpose is ecological transformation , and here in the most densely-populated state in the nation , we ’ re meeting these challenges head-on with projects that protect the environment , improve our watersheds and encourage residents of our communities to do their part to take care of the earth . We are investing in infrastructure , reducing our carbon footprint and improving equitable access to water resources .
Staffing agencies are crucial as many industries are finding it difficult to find qualified employees .
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