Every November 11th is Veterans Day, the time to celebrate and pay respect for all the sacrifices done by military veterans? But nation and state aside, this day also has significant impact on the commercial real estate sector in places such as New Jersey. This article explores the impact of Veterans Day on commercial property, from “industrial properties for sale” to New Jersey real estate writ large.
What You Need to Know About the Meaning of Veterans Day
As we reflect on those who served this country and defended our freedom, we should be reminded that the day is meant to observe veterans. For a lot of companies, this isn’t just a day for remembrance, but also to honor the customer segment that encompasses veterans and active military personnel. Knowledge of this can help formulate marketing strategies and decisions within the commercial real estate industry.
Transitioning to the Commercial Real Estate Sector
Changes in Commercial Property Demand
Veterans Day is a time of increased consumer activity, especially in industries that serve veterans and their families. An influx of people visiting can benefit local commercial businesses, particularly those related to retail and services. Veteran homebuyers are a huge part of the U.S. housing landscape and they leave ripples in real estate markets nationwide, according to the National Association of Realtors.
Industrial Properties for Sale Are on the Rise
Industrial properties in New Jersey remain in high demand by e-commerce and logistics sectors. Sitting on a low vacancy rate of only 3.5 percent in Q2 2023, New Jersey has no shortage of industrial real estate — as found by CBRE. Such a low vacancy rate demonstrates a strong industrial real estate market that could also benefit from veteran salutes like discount programs for businesses owned by vets or even tax breaks to companies hiring veterans.
Veterans Day Economic Impact
Financial Donations & Commercial Properties
While Veterans Day is, in itself, a terrific boon for certain kinds of businesses (retailers are expecting sales of over $16 billion on Wednesday), it has economic importance beyond those numbers. Veteran organizations and community events often garner increased donations during this time, allowing businesses to earn the goodwill of local constituents and boost brand awareness. As reported by the U.S. Bureau of Economic Analysis, consumerism on Veterans Day bringing state and local businesses revenue increases demand for commercial spaces·
The Long-Term Implications for New Jersey Property
Companies that see the value in hiring veterans will continue to grow, and those that do may start purchasing or leasing commercial real estate where they can do so. This trend is especially applicable to New Jersey, which has a robust and diverse real estate market. Veteran-owned businesses make a substantial contribution to economic activity within the state of New Jersey, according to the New Jersey Economic Development Authority, creating additional demand for commercial properties.
Marketing and Community Engagement
How to Appeal to Veteran Business Owners
For real estate pros awareness of Veterans Day can help direct thoughtful marketing planning. With the right strategy, emphasizing properties as VA programs–friendly and how a commercial space can be used to promote veteran activities may draw additional interest. While industrial properties may not be the highest priority for commercial developers, real estate agents may want to take advantage of targeting, including messaging that offers industrial properties for sale adjacent to veteran households or non-profits.
Engaging with Veteran Communities
Partnerships between veteran communities and commercial property owners serve to benefit both local veterans and the operators of the very estates they occupy when done correctly. This visibility and appeal can be enhanced by hosting community events or providing support to veteran charities on the property. As per U.S. Small Business Administration, businesses with community connections can experience up to 20% more customer loyalty.
Conclusion
On a multifactorial level, Veterans Day impacts the commercial properties on market demand, consumer behavior and the marketing strategies in different regions of New Jersey. With the ever increasing search for “industrial properties for sale”, how veterans needs align with the commercial real estate sector will be pivotal to investors and property owners alike.
