How Marijuana Legalization In NJ Will Affect Real Estate?
Q: How will marijuana legalization in NJ affect real estate? Pat, Jersey City
A: I don’t think marijuana legalization in NJ will affect residential real estate much but I think it will impact commercial real estate in several ways positively: 1) demand for warehouse and industrial space will continue to rise 2) as will demand for retail space for selling.
Similar to what happened at the end of prohibition, the legalization of marijuana creates a whole new industry and increased competition for warehouse (growing) and retail space (selling). However, there are risks to commercial landlords who lease industrial, warehouse or retail space given that marijuana is not yet legalized at federal level.
Thanks for your question, Pat. For more real estate information and tips visit my blog at geraldlucas.com.