Gov. Phil Murphy detailed his plans to update the state’s incentive programs, speaking Wednesday during an event in Jersey City. — Courtesy: Edwin J. Torres/Governor’s Office By Joshua Burd After lashing out at New Jersey’s high-profile tax credit incentives, Gov.…
NAIOP: Comptroller report only reinforces need for updated incentives in New Jersey
New Jersey’s use of tax incentives drew harsh criticism from a new audit by a state watchdog agency, but commercial real estate leaders say they welcome the scrutiny — and see it as a step toward updating and renewing the programs later this year.
Brooklyn electrical contractor buys Paterson building for $7.8 million
An electrical contractor is expanding into New Jersey with its purchase of a Paterson industrial building, under a $7.8 million deal arranged by Team Resources Inc.
EDA approves $14.7 million incentive for proposed Gucci call center in Jersey City
The state has approved a 10-year, $14.7 million tax credit to encourage luxury fashion giant Gucci to open a new 52,000-square-foot call center on the Jersey City waterfront.
American Water unveils new 220,000 sq. ft. headquarters in Camden
American Water has opened the doors to its new 220,000-square-foot headquarters in Camden, the first completed piece of a high-profile, billion-dollar redevelopment of the city’s waterfront.
WRE: Brooklyn publisher set to buy Rahway building, expand into New Jersey
A large Brooklyn-based publishing company is expanding into New Jersey with the planned acquisition of a 256,000-square-foot building in Rahway, thanks in large part to a 10-year, $8.25 million tax credit package from the state Economic Development Authority.
Fintech firm debuts Newark office after move from Manhattan
A financial technology firm has opened its new office in downtown Newark, thanks in large part to a $6.5 million state incentive that helped lure the company from Midtown Manhattan.
Growing fiscal problems demand action
Business as usual is just not possible anymore. New Jersey’s underperforming economy, bloated public sector spending and rising cost of living, along with Congress’s decision to reduce the state and local tax deduction, are forcing our collective hands to do better. There is no better place to start than at home in our local municipalities and school districts, where consolidations and sharing of services can produce both real financial savings and better outcomes. Simultaneously, state and county governments need to do likewise. Taxpaying businesses and residents deserve accountability, and this may require audits of how and where every dollar of taxpayer money is being spent.
Murphy details plans to revamp Grow New Jersey, ERG programs
Amid his sweeping plan to spur a new wave of innovation in the state’s economy, Gov. Phil Murphy has offered a glimpse at what could come of the incentive programs that have helped bolster New Jersey’s commercial real estate market in recent years.
Transit hub markets speed away from competition
Office buildings within the state’s transit hub market record lower vacancy rates and higher rents compared to suburban spaces, according to JLL’s annual research report. Companies continue to pursue office space in proximity to walkable amenity-rich areas and with access to mass-transit options for their workforces and clients.
