Jessica Vasil of Lee & Associates makes the 2025 NJBIZ Commercial Real Estate Power List

Without economic uncertainty, every company would be wildly successful and every industry would grow infinitely. For better or worse, though, predicting
the future is always difficult. The best business owners and executives can do is bring their experience and talent to bear on the task of analyzing the factors
likely to drive the markets and make decisions based on their assessment of what might work.

The commercial real estate industry is particularly sensitive to this dynamic — and boy is that evident right now. Interest rate fluctuations, tariffs, inflation
and many other factors have created an environment that tests even the most seasoned builders, developers, brokers and consultants.

Elevated interest rates and restricted credit access have increased the cost of capital, slowed development and created refinancing challenges. Office markets continue to experience long-term disruption as hybrid work shifts demand. Vacancy rates in some areas are climbing and occupiers’ expectations continue to evolve as recruiting and retention become even more difficult (see related story, page 2). Corporate tenants, quite understandably, see opportunities to negotiate better lease terms or significant renovations.

Rising costs – from labor and materials to insurance and, especially, energy – affect both owners and tenants, putting even more pressure on the industry.
And in the background, geopolitical and climate-related risks create wild cards that can scramble even the best-laid plans.

Put it all together, and you need better planning, stronger risk assessment, and greater alignment between business strategy, workforce needs and location
decisions.

The individuals recognized in these pages demonstrate the ability to do just that. They’ve managed enormous changes in recent years and emerged stronger and more confident — but also armed with the knowledge that nothing should be taken for granted.

Take a look at the profiles here and let us know what you think of the group. And if you think someone else belongs on this list, we want to hear about that as well. As usual, the honorees are listed in alphabetical order.

– Jeffrey Kanige, NJBIZ editor

 

METHODOLOGY
The Power and In the Lead lists are compiled by the NJBIZ editorial staff based on our reporting throughout the past year with input from experts in a variety of fields and recommendations from our readers. The staff looks for people who have gained public attention – and perhaps acclaim – for their professional accomplishments and public service. Each list identifies individuals who, through their efforts, are helping to make New Jersey a better place to live, work and do business. Honorees are not necessarily better at their jobs than others in their profession, but they have contributed meaningfully to the advancement of the public interest through their work and/or community service.