Assembly Commerce and Economic Development Committee Statement to Assembly, No. 4750 (October 20, 2022)

Summary

The Assembly Commerce and Economic Development Committee statement, dated October 20, 2022, reports favorably Assembly Bill No. 4750. The bill requires the NJ Business Action Center, which is in the Department of State, to establish and maintain a public database of vacant commercial space available for purchase or lease by small businesses. The database will include the square footage, the capital equipment and the building systems installed in any vacant commercial space. The center is to update the database on a monthly basis using information provided by commercial property owners and municipalities, and to make it available through the center's Internet web page. The statement says a public database will expedite locating storefronts and help fill vacancies quickly.

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ASSEMBLY COMMERCE AND ECONOMIC DEVELOPMENT
                COMMITTEE

                           STATEMENT TO

                      ASSEMBLY, No. 4750

       STATE OF NEW JERSEY
                          DATED: OCTOBER 20, 2022

           The Assembly Commerce and Economic Development Committee
      reports favorably Assembly Bill No. 4750.
           This bill requires the NJ Business Action Center (center), which is
      in the Department of State, to establish and maintain a public database
      of vacant commercial space available for purchase or lease by small
      businesses in this State. The database will include information such
      as: the square footage of any vacant commercial space; the capital
      equipment included in any vacant commercial space; and the building
      systems installed in any vacant commercial space, including, but not
      limited to, fire alarms, fire suppression systems, security systems, and
      heating, ventilation, and air conditioning systems. Under the bill, the
      center is required, using information provided by commercial property
      owners and municipalities in the State, to update the database on a
      monthly basis with new information concerning the availability of
      vacant commercial space.
           The bill requires the center to make the database available through
      its Internet web page and to publicize the availability of the database
      as part of an awareness campaign targeted at business associations,
      state and local chambers of commerce, and municipalities in the State.
           Under the bill, the Secretary of State is to require every owner of a
      commercial property in the State to notify, as necessary, the center
      when a commercial property belonging to such an owner becomes
      vacant, if no person or entity is presently scheduled to lease or
      purchase the property, or when such a property becomes occupied.
           For many industries, commercial space is often one of the most
      costly barriers to entry. The expense is compounded by the time
      dedicated to locating storefronts that are well-suited and appropriate
      for the needs of a business. The creation of a public database of
      vacant commercial space will expedite this process and help fill
      vacancies quickly.


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