Murphy Schiller & Wilkes LLP (MSW) recently sat down with Invest: to discuss the evolving commercial real estate landscape and how the firm continues to meet the increasingly sophisticated needs of developers, investors, and owners across New Jersey and beyond. Chris Murphy, a founding partner of the firm and head of MSW’s Land Use, Zoning & Redevelopment and Tax Credits & Incentives practices, offered insights into market conditions, client expectations, and the firm’s strategic priorities for the years ahead.

A Market in Transition – And a Firm Built for It

The past several years have brought significant headwinds to the commercial real estate industry: higher interest rates, rising construction costs, and persistent market uncertainty. Yet MSW has continued to grow.

“As a boutique firm dedicated exclusively to commercial real estate and development matters, we’ve built a practice that is resilient in any market cycle,” Murphy said. “Clients today expect more from their legal advisors than ever before, and we have consistently risen to that challenge.”

With 30 attorneys and 42 total team members, MSW provides end‑to‑end legal services across acquisitions, sales, leasing, finance, environmental, land use and zoning, construction, and litigation. The firm’s integrated model—purpose‑built for the real estate and construction sectors—has become a defining advantage as deals grow more complex and clients seek a true one‑stop solution.

Development Momentum in New Jersey’s Urban Cores

Despite broader market volatility, development activity in New Jersey’s urban centers remains strong. Elevated residential and commercial rents, combined with proximity to New York City, continue to drive interest in cities like Hoboken, Jersey City, and Newark.

“We’ve seen a surge in client activity on this side of the river,” Murphy noted. “Municipalities are eager for thoughtful, well‑planned development, and we’re proud to have secured approvals for some of the most transformative projects in the state.”

MSW’s land use and redevelopment team has played a central role in advancing major residential, industrial, and mixed‑use projects across New Jersey’s densest corridors.

Evolving Client Expectations and Sector Trends

As the market cooled from the historically low interest‑rate environment of 2021–2022, clients became more selective, seeking advisors who can deliver strategic, value‑added guidance.

“Clients expect more from their attorneys, and we’ve been able to meet and exceed those expectations,” Murphy said.

Key trends include:

• Industrial demand remains robust, fueled by e‑commerce and the need for modern logistics facilities.
• Multifamily development continues to grow, particularly in transit‑oriented and urban locations.
• Affordable housing requirements are shaping project feasibility, with many municipalities—including Newark—requiring 20% affordable components in new developments.

Developers who can structure financially viable projects in this environment are finding significant opportunities.

The Aspire Tax Credit Program: A Critical Tool for Project Feasibility

Murphy, who leads MSW’s Tax Credits & Incentives group, highlighted the transformative impact of the Aspire Tax Credit Program on multifamily development statewide.

“In today’s high‑interest‑rate environment, many projects simply would not be feasible without Aspire,” he explained. “Our team has secured over $300 million in tax credits for multifamily projects across New Jersey.”

Virtually every major urban project is now evaluating Aspire as part of its capital stack, and MSW continues to guide clients through the evolving monetization process.

Navigating New Environmental Regulations

New Jersey’s Environmental Justice Law and related regulatory changes are reshaping redevelopment, particularly in urban and historically overburdened communities.

“The intent is commendable, but the practical impact can be significant,” Murphy said. “We’ve seen projects become infeasible due to the added regulatory burden, especially in the affordable housing sector.”

MSW is working closely with clients to navigate these complexities while helping shape solutions that balance environmental goals with the need for continued development.

Legal and Political Challenges in Industrial and Multifamily Development

From warehouse resistance at the municipal and state levels to ongoing debates over parking requirements in downtown areas, developers face an increasingly intricate approval landscape.

“Our role extends beyond legal navigation,” Murphy emphasized. “We’re deeply involved in managing public relations, community engagement, and stakeholder communication. That work must begin early.”

MSW’s collaborative approach with planning professionals and municipal leaders has been key to achieving balanced, workable outcomes.

Looking Ahead: Strategic Growth and Continued Focus

Over the next two to three years, MSW’s priorities remain clear:

• Expand the firm’s national transactional practice
• Recruit top talent to support thoughtful, organic growth
• Continue investing in technology and innovation
• Remain laser‑focused on commercial real estate and construction law

“We have no plans to diversify into other industries,” Murphy said. “We know what we do exceptionally well, and we’re committed to elevating that work every day.”

To read the full interview, please click here.

Chris J. Murphy is a founding partner of Murphy Schiller & Wilkes LLP (MSW) and a member of the firm’s Executive Committee. He chairs both the Land Use, Zoning & Redevelopment Practice, and the Tax Credits & Incentives Practice, overseeing two of the firm’s core statewide platforms. In these roles, he has helped clients secure approvals for over 5M square feet of industrial warehouse development throughout New Jersey and over $1B in tax credits and incentives administered by the New Jersey Economic Development Authority (NJEDA).