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

Summary

A Senate Commerce Committee statement to the First Reprint of Assembly, No. 4750, State of New Jersey, dated May 15, 2023, reporting the bill favorably. Under the bill, the NJ Business Action Center must keep a public database of vacant commercial space that small businesses could buy or lease, listing square footage, capital equipment and installed building systems such as fire alarms and security systems. Commercial property owners, realtors and municipalities would supply information for monthly updates, and owners would have to notify the center when a property becomes vacant or occupied. As reported, the bill is identical to Senate Bill 3286.

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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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