The debate over New Jersey’s corporate incentive programs has been well-chronicled in recent years, but regardless of where you fall on the issue, there’s no denying their influence on the state’s commercial real estate market. That influence was all but gone for two years after Grow New Jersey and other subsidy programs were allowed to expire in summer 2019, with no immediate replacements in sight until Gov. Phil Murphy and lawmakers agreed on new incentives late last year. The state is now putting those offerings to work, starting with the jobs-based Emerge program that will fill the void left by Grow New Jersey.
Editor’s Note
Hear directly from Editor Joshua Burd as he brings you the highlights of this month’s issue of Real Estate NJ and his observations from recent interviews.
Outside the box
By and large, it’s been a decade of good news for New Jersey industrial’s sector. I’m certainly thankful for the steady stream of updates on deals and developments up and down the state, especially in a pandemic that has threatened other asset classes. That can also present a challenge as we look to keep our content fresh, nuanced and informative in an area that has been so consistent.
Space and pace
You may have heard by now about the rush for life sciences space in the wake of last year’s COVID-19 outbreak, which could still continue even after the virus is under control. New Jersey, of course, should stand to benefit with a deep pool of intellectual talent that rose to the occasion in the nation’s fight against the pandemic. That’s the good news, but tapping into that demand remains somewhat complicated.
A fresh look
You wouldn’t know it by the last four months, but major news stories are always prone to ebbs and flows. The federal Opportunity Zone program is a case in point when it comes to commercial real estate publications. The investment vehicle has been all the rage at various points since it was created in late 2017, only to take a step back as buzz died down.
In spite of it all
It was a busy spring, surprisingly so, and I know many of you would agree. I’ve seen it firsthand in the lease and sale announcements that have continued to hit my inbox these last three months, with many of them offering praise to the parties involved for getting the deal done in the midst of “challenging economic times” or “uncertain market conditions.” I know full well that much of the industry is still hurting. We won’t lose sight of that. But we will take the opportunity to highlight some of the positive things that are happening in spite of the pandemic.
Moving forward in a time of uncertainty
Our world here in New Jersey has changed over the past two weeks and, for many of us, most dramatically over the past few days alone. We’re only just beginning to learn what it will be like to do our jobs and conduct business in the era of social distancing, and what this all means for the state’s commercial real estate sector will start to become clearer in the months ahead.
One to watch
We learned last September that a developer has proposed building a 135,000-square-foot studio complex in Jersey City, with the very purpose of capturing the production companies that it says are coming here because of the film tax credit incentive. As you’ll read in this month’s cover story, other developers and property owners are making a similar bet, amid surging demand from the film and television industry.
