Dear Editor:
Mr. Valenzano’s response to my letter titled “Mayor Barberio’s The Sky is Not Falling” would have you believe there is only one opinion as to whether suburban corporate campuses are a thing of the past. While I do not doubt that Professor Hughes who seems very well qualified and who is quoted in the article may believe he is correct in his beliefs, I am confident you could find other equally qualified professors and Real Estate professionals who would disagree with his theory.
As someone who was a Real Estate agent for several years what I found was that real estate markets tend to be cyclical. The fact is that many companies are now requiring their staff to attend work in person five days a week as was the norm prior to COVID-19. The impact of this is unknown at this moment, but it could very well make the area of Commercial Office buildings see a full-blown renaissance. That is why entering into extremely long-term PILOT programs as the township has recently done that depend heavily on warehouse industries is a risky venture. Locking yourself into one long-term real estate option is kind of like the old saying “Don’t put all your eggs in one basket”.
I again urge the city administration to press on with new invigorated methods to induce companies to establish their presence in Parsippany. We can be better than just a glorified truck stop along the major highways that run in and out of Parsippany. Let us see some of the Parsippany Pride we were once famous for and reach for better options for our town.
Richard Suarez
