Even the staunchest supporters of the state’s incentive programs believe it’s time for a change — but they stop well short of those who call for outright eliminating the powerful economic development tools. To that end, the Smart Growth Economic Development Coalition has proposed a series of amendments to incentives such as the Grow New Jersey tax credit and the Economic Redevelopment and Growth grant. The group cited the need to right-size the offering to reflect changes in the market and to help a broader swath of businesses, while also adding flexibility to the program and rebalancing its policy objectives.
Office
New Jersey’s office market is evolving by the day, but this fact remains: The state’s location and educated workforce make it a highly desirable place for tenants of all shapes and sizes.
Local land use: Creating predictability, uniformity
Rather than try to replace the Municipal Land Use Law or strip local governments of the ability to control zoning in their town, the Smart Growth Economic Development Coalition has outlined what it says are reasonable, practical changes to help streamline development, create more certainty and encourage new business growth in the state. Those changes include steps such as standardizing non-residential site improvement requirements, creating more consistency across the entitlement process and softening the approval process for projects that will help create affordable housing.
Trend Watch Dec. 4: New office buildings boast 12% vacancy rate
The year of construction for buildings has significant impact on reported vacancy rate. Buildings completed since 2010 maintained the lowest vacancy rates, as office occupiers prefer new product. Demand for new construction will drive the demolition/rehabilitation of older, vacant office buildings, especially in strategically located markets lacking sites for new construction.
With residential leasing underway, HHG turns to next phases of Trenton redevelopment
A development firm has set its sights on what comes next in its redevelopment of Trenton’s iconic Roebling Steel complex: restoring an adjacent building that will result in 100,000 square feet of creative, industrial-style office space — which can effectively come with 10 years of free rent because of state tax credits.
