Roger Humphrey of Chester NJ: Some Areas Seeing Commercial Real Estate Spikes

PHILADELPHIA, PA, February 27, 2013 (Press-News.org) According to Roger Humphrey Chester NJ resident and real estate professional, New York City and its boroughs have always remained high areas of interest for those looking to make investments in property development. However, a recent article from DNAinfo.com reveals that commercial real estate development is becoming increasingly popular in one borough that has not received a great deal of attention in the past--the Bronx. Citing a report that was recently released by Ariel Property Advisors, the article states, "Bronx commercial real estate sales spiked last year to their highest levels since the financial crisis."

Specifically, the article explains that "investors poured $1.28 billion into the borough's real estate market in 2012," 70 percent of which were focused on the development of Bronx residential units. In the past, many investors have flocked to looking for deals in the Bronx as an alternative to developments in other, more popular, boroughs of New York City. However, Roger Humphrey of Chester, NJ explains that the Ariel report suggests that the neighborhood is becoming a more desirable location for investors, not just a place to escape rising costs in other areas.

According to DNAinfo.com, although the investments have spurred a nine percent increase in Bronx apartment prices, the costs are favorable in comparison to oversaturated neighborhoods of Manhattan. The report reveals, "At an average price of less than $85,000 per unit and $94 per square foot, they are still the lowest in the city and less than a fifth of the average square-foot cost of apartments in Manhattan."

Taking note of this trend, Roger Humphrey explains that the Bronx area has not only become a safe haven for investors, but an increasingly attractive area for Manhattan professionals and residents. He explains, "Young professionals want to live and work in urban settings. They are concerned about the environment and want to have access to good public transportation. This is reversing the trend of the previous generations who wanted to live and work in the suburbs and
drive their cars to work. Over the past few years, it has been those urban markets with the strongest and fastest population growth that have seen the hottest real estate markets in the country."

In conclusion, Roger Humphrey, Chester, NJ resident, believes that this trend has held true both in residential and in commercial real estate, as investors who took advantage of these opportunities have been were able to encourage excellent returns on their investments.

ABOUT:

Roger Humphrey Chester NJ professional, carries more than two decades' worth of experience in the corporate real estate and facilities management business. With a solid and comprehensive skill set Humphrey has earned recognition as a leader among several notable companies. Today, Humphrey serves as the Executive Director for Global Real Estate Services and IFM Governance at Merck & Co.--an internationally-recognized leader in the pharmaceuticals industry.

Website: http://rogerhumphreychesternj.com/