New Jersey’s Economic Future Takes Spotlight at Statewide Forum

New Jersey’s highly educated work force and strategic location earn favorable ratings from corporate executives, but addressing taxes, land use policy and other issues will enhance the chances that the Garden State’s real estate market and general economy can make the most of those resources.

“The message is that if New Jersey were able to address some of the . . . obstacles that the business community perceives in doing business in the state, the state could really enter a period of economic growth,” said Gil Medina, executive managing director for the New Jersey operations of Cushman & Wakefield Inc., which sponsored the study. Medina is also a former New Jersey secretary of state.

That was the conclusion of a Rutgers University study released yesterday at the first New Jersey Economic Policy Forum, which brought together corporate executives, trade associations and government representatives to discuss the state’s economic future. Held in Plainsboro, N.J., the invitation-only event drew about 150 people.

One hundred four of 129 survey respondents said that they planned to expand their companies during the next few years, and of those 104 said that they plan to expand in New Jersey. Another 40 said that they plan to expand elsewhere in the Northeast. About half of those surveyed said that their companies also planned expansions outside of the Northeast.

Those expansion plans potentially bode well for development and leasing, but in both the survey and the forum, executives cited concerns about some aspects of state policy. On the local level, the state’s home-rule approach to approval makes for a patchwork development process, Medina explained.

To the frustration of businesses in growth mode, state approval, too, can often be frustratingly slow compared other states’ process. According to Medina, one pharmaceutical executive told the forum that lengthy entitlement can delay production in an industry where time to market is crucial because of the long research and development cycle and short time to hold patents.

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source: commercialpropertynews.com