It took several years, $102 million in tax credits and even a lawsuit, but Panasonic’s landmark decision to move from exurban Secaucus to Newark’s burgeoning central business district earlier this year symbolized more than just a 250,000-square-foot lease. For the commercial real estate industry, the deal demonstrated a profound shift in the state’s social fabric: people are trading suburban sprawl to live and work in New Jersey’s cities.

“There’s a whole human movement to becoming more metropolitan,” says Gil Medina, executive managing director at Cushman & Wakefield’s East Rutherford office. “It is very powerful. It is grounded in our being as social creatures.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.