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computing centers.
NAIOP NJ highlights the urgent
need to prioritize energy capacity
and transmission investments,
ensuring New Jersey remains
competitive in a global market.
4. ENHANCE ECONOMIC
DEVELOPMENT INCENTIVES
Post-pandemic market shifts
demand targeted state support to
drive investment where it’s needed
most.
Top policy tools to strengthen:
• Preserve PILOT programs
(payments in lieu of taxes), a vital
tool that allows municipalities
to incentivize redevelopment
through fl exible tax arrangements.
• Improve transparency and
administration of state-level
incentive programs to ensure
timely access to capital.
• Target incentives to
underserved areas where
infrastructure already exists but
market demand is lagging.
These programs help revitalize
neighborhoods, fuel mixed-
use projects and transform
underutilized land into vibrant
community assets.
5. ACCELERATE
INFRASTRUCTURE
INVESTMENT
Robust infrastructure underpins all
real estate activity. NAIOP NJ urges
the next governor to take bold steps
toward public-private collaboration.
Recommended infrastructure
priorities:
• Expand public-private
partnerships (P3s) to fast-track
project design, permitting and
delivery.
• Upgrade port and
transportation infrastructure
to support growing trade and
logistics demands.
• Invest in transit-oriented
development, working with the
CRE community to spur mixed-
use hubs around transit assets.
Infrastructure investments don’t
just help developers — they
support economic mobility,
business attraction and long-term
sustainability.
6. SUPPORT WORKFORCE
TRAINING AND EDUCATION
To sustain economic growth,
New Jersey must invest in the
skilled labor force needed to
Built
for
Success
™ 21
support construction, logistics and
regulatory services.
Suggested programs:
• Expand training through
community colleges for
construction inspectors, logistics
professionals and tradespeople.
• Promote non-degree career
paths in high-demand sectors
aligned with CRE development.
• Leverage third-party public
service providers to fi ll labor
shortages in inspections and code
enforcement.
7. ENCOURAGE VOLUNTARY
SUSTAINABILITY PROGRAMS
Sustainability remains a shared
priority for both the public
and private sectors. The next
administration should refi ne green
building programs to ensure they
remain fl exible and market-friendly.
Key parameters:
• Support voluntary participation
in green building certifi cations.
• Provide incentives for energy
effi ciency upgrades in both new
and existing CRE assets.
• Encourage creative approaches
to reduce carbon footprints while
maintaining project viability.
CONCLUSION: A ROADMAP FOR
REAL ESTATE AND REGIONAL
PROSPERITY
The CRE sector has long been a
pillar of New Jersey’s economy. By
resetting engagement, reforming
regulations, modernizing energy
and infrastructure strategies and
investing in workforce development,
the next governor can set the stage
for inclusive, long-term growth.
The opportunity to revitalize
communities, stimulate investment
and improve quality of life is within
reach — if the right policy steps are
taken now. RE
Dan Kennedy is CEO of the
New Jersey chapter of NAIOP,
the Commercial Real Estate
Development Association, which
is the state’s leading organization
for owners, developers and related
professionals in offi ce, commercial,
industrial and mixed-use real
estate. He is a licensed professional
planner with a MCRP from Rutgers
University’s Edward J. Bloustein
School of Planning & Public Policy
and a B.S. in environmental
science from the University of
Delaware.
Serving New Jersey’s commercial & industrial real estate
industry since 1954.
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