Page 38 - MidJersey Business - November/December 2014

MID-JERSEY
REAL ESTATE REPORT

relocate to New Jersey and it’s changing

Pharmaceuticals, which received almost Northern and Central New Jersey.”
$40 million in incentives to relocate its This dynamic feeds back into the close

headquarters to Bridgewater from Roch- relationship that exists between real
IT PAYS—HANDSOMELY—TO MOVE YOUR
ester, N.Y., and Forbes Media, which got estate and transportation.
BUSINESS TO NEW JERSEY
According to the economic development more than $27 million in tax breaks to “If a company is going to take advan-
organization Choose New Jersey, the move from Manhattan to Jersey City.
tage of $40-50 million to move here,

state has awarded upwards of $2.35 bil- “A big driver to where we’re getting to, you better believe it’s going to want to
lion in tax cuts to beneit private-sector with regards to these saturated markets, retain some of its employees and be

employers relocating or agreeing to keep completely revolve around these state close to mass transportation like a train,”
their businesses in the Garden State. incentives,” Johnsen says. “We’re seeing Johnsen says. “Smart kids are graduating

Among the biggest winners are Valiant
New York-headquartered companies
college and they want to live in New York

City . so companies need to be able to
pull quality talent from where these kids

want to live and want to work.”

STATS are

Misleading

Loc ally

“The statistics that come out showing an

overall vacancy rate of 25-27 percent

is falsely misleading. A lot of the product

that’s within that overall vacancy rate is no

longer functionally feasible. Stuff should be

knocked down. There’s a certain portion of
the supply out there that will never rent. The

buildings have never been improved, the

locations are secondary and tertiary to where

New Jersey Allies: Pepper attorneys and New Jersey have been a great the markets have been, landlords have not

combination for more than 75 years. As a national law firm whose infused capital, and so on. It would be best if
reputation for results goes back more than a century, Pepper’s New Jersey
attorneys help clients in commercial litigation, banking and financial they were demolished or put to another use.

services, corporate and securities, life sciences, labor and employment,
employee benefits, real estate, and tax. Learn more about what Pepper can
“I look at a real vacancy rate of 12-15
do for you locally, regionally and internationally by visiting our Web site.
percent of quality product,” he says.

Pepper Hamilton is a proud sponsor of the “Has the market come back to where it was?

MIDJersey Chamber of Commerce.
Statistically, no. But the better located, better

built, and better-monetized products are ex-
periencing a resurgence and they are almost

back to where they were. Statistics are great,

but they don’t tell the whole story.”

www.pepperlaw.com

— Ed Cohen of Prism Capital Partners
Berwyn | Boston | Detroit | Harrisburg | Los Angeles | New York | Orange County
Philadelphia | Pittsburgh | Princeton | Silicon Valley | Washington | Wilmington

business
36 midJersey