Photo: David Jones/Flickr
There’s no question that Jersey City is booming. BuzzBuzzHome’s Market Snapshot reveals that 7,562 units are under construction now in the city with 3,827 units scheduled for completion in 2016.
It’s trends like these that have prompted Jersey City to host the inaugural Jersey City Summit for Real Estate Investment. On October 15th, senior members of some of the largest public and private institutional real estate, private equity and asset management firms will gather at Harborside Plaza 3 in downtown Jersey City.
The half-day conference will offer networking opportunities and moderated panel discussions to discuss Jersey City’s growing appeal over New York City’s other Millennial-driven markets, as well as corporate relocation and economic policy.
Notable speakers will include Deputy Mayor Marcos Vigil of Jersey City, Kenneth G. Browne of Urban Development Partners, George Vallone of New Jersey Builders Association and Hoboken Brownstone Company, Maria Nieves of Hudson County Chamber of Commerce, and more.
The city’s boom is due in part to economic policies that are enticing more NYC-based businesses to relocate. JPMorgan Chase recently moved over 2,000 jobs from Manhattan in a decision that centralized its technology operations and yielded some generous tax subsidies. In fact, New Jersey has awarded over $5 billion in corporate tax subsidies since 2010. Last year, JPMorgan received $225 million in tax credits to create 1,000 jobs in Jersey City and retain 2,612 positions from the state’s Economic Development Authority.
Jersey City is also home to some impressive super-sized developments. A nearly 1,000-foot, 95-story condo tower, 99 Hudson Street, is set to become the tallest building in the state, while another upcoming building, 30 Journal Square, will boast 525 units.
Visit InvestJersey.city to register for the Summit for Real Estate.