3
Finally, we would be remiss not to touch on New Jersey’s
We hope that you find our Mid-Year 2019
economic incentives programs, which had played a notable
JLL New Jersey Transit Hub Perspective to
role in attracting corporate investments to transit markets
be helpful with your real estate decisions.
including Newark and Hoboken/Jersey City. New Jersey’s
two “flagship” economic incentives programs: Grow NJ and
Economic Redevelopment and Growth (ERG) expired at the
stroke of midnight on June 30th, with no alternatives currently
in place. Since the enactment of the N.J. Economic Opportunity
Act of 2013, more than $4.7 billion had been approved under
the Grow NJ Program. The incentives had been intensely
scrutinized by Governor Murphy’s administration, while the
state’s legislature maintained a more favorable view of the
programs, citing their positive impact on urban communities.
Despite the current impasse, New Jersey is expected to offer
some type of economic incentives in the long-term, given the
external competition facing the state.
Stephen Jenco
Vice President, Director
Suburban Tri-State Office Research