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Senate Commerce Committee Statement — Assembly Bill No. 4750, State of New Jersey (May 15, 2023)

Summary

The Senate Commerce Committee statement of May 15, 2023 on Assembly Bill No. 4750 reports the bill favorably. The bill requires the NJ Business Action Center, 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 is to include information such as the square footage and the capital equipment included in any vacant commercial space, and is to be updated on a monthly basis. The Secretary of State is to require every owner of a commercial property to notify the center when a property becomes vacant or occupied. The statement says the bill is identical to Senate Bill 3286.

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Cite this document

“Senate Commerce Committee Statement — Assembly Bill No. 4750, State of New Jersey (May 15, 2023).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2023-05-15-scm-a4750-s3-7a1a0ac54f/, SHA-256 aafc574383776e19414fbf9b306e937b00265969b2d6fb511cdeb047085ac527.

Full text

     SENATE COMMERCE COMMITTEE

                     STATEMENT TO

                        [First Reprint]
                ASSEMBLY, No. 4750

 STATE OF NEW JERSEY
                       DATED: MAY 15, 2023

     The Senate Commerce 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, realtors, 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.
     As reported by the committee, this bill is identical to Senate Bill
3286, as amended and reported by the committee.

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