Commercial Real Estate
The national economy, stock market decline and overall downward trend in the business climate have created an advantageous commercial real estate market for renters and purchasers. For companies that have the resources, the market today presents a unique opportunity to take advantage of low prices and other discount incentives that have not been available in many years.
Just as diminishing opportunities and job losses drive down demand for commercial space, the opposite is true when the economy rebounds. With the government’s economic stimulus package, all efforts are working to jumpstart the economy. For investors and companies in a strong position, now is the time to buy property or lock in long term leases at low costs. For when the economy rebounds, the opportunities there today will no longer be there.
For companies considering moving to or expanding to New Jersey, there are inherent advantages for doing business in the state. New Jersey offers specific programs to encourage activity in commercial real estate, such as the Urban Transit Hub Tax Credit Program, which provides tax credits equal to 80 percent to 100 percent of the qualified capital investments made within an eight-year period to encourage investment and job growth around rail stations in specific municipalities. Read more about the Urban Transit Hub Tax Credit Program and other financing and incentive programs available in the state.
Here are more New Jersey facts and advantages, as compiled by the New Jersey Economic Development Authority:
1. Twenty-three FORTUNE 500® companies are located in N.J. [1]
2. N.J. ranks #5 nationwide in transitioning to the “New Economy” with Knowledgeable Workforce, Globalization, Economic Dynamism, Digital Economy, and Technological Innovation. [2]
3. N.J. ranks #5 for college attainment. [3]
4. N.J. ranks 4th in venture capital investments. [4]
5. N.J. came in second to California with the number of communities making it to Money magazine’s list of America’s Best Places to Live. [5]
6. CNBC ranks N.J. among the top 15 states for business. [6]
7. N.J. is the #1 state in broadband penetration in the country. [7]
8. N.J. is ranked 3rd nationally as best for small business ahead of New York and California. [8]
9. The ratio of Ph.D. scientists and engineers per 1,000 workers is one of the highest in the nation. [9]
10. International trade supports more than 900,000 jobs. [10]
11. CNBC ranks N.J. #1 for Quality of Life. [11]
12. N.J. has the nation’s highest concentration of scientists and engineers with over 410,000 working statewide. [12]
13. More than 60 million U.S. consumers are within a four-hour drive of the state. [13]
14. N.J. has a high-tech payroll of $18.4 billion, ranked 6th highest nationally. [14]
15. In an annual study on logistics infrastructure, Northern N.J. ranked #3 in the United States and Southern N.J. ranked #4 for best waterborne commerce capability. [15]
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1. Fortune 500 ® 2008.
2. The 2008 New State Economy Index Report.
3. Corporation for Enterprise Development.
4. American Electronics Association, Cyberstates 2007.
5. MONEY® magazine, August 2007.
6. CNBC, July 2007.
7. Leichtman Research Group, Inc., March 2007.
8. Surepayroll’s Top Ten States for Business, 2008.
9. Corporation for Enterprise Development.
10. Business Roundtable, 2007.
11. CNBC, July 2007.
12. NJ Labor and Workforce Development.
13. US Census "Population Estimates".
14. AeA 2008.
15. Expansion Management Magazine, October, 2007.
*The businesses, persons and other entities mentioned here are not affiliated with and do not endorse the State of New Jersey, or any aspect of the State.