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

Summary

Statement of the Assembly Commerce and Economic Development Committee of the State of New Jersey, dated October 20, 2022, reporting Assembly Bill 4750 favorably. The bill requires the Business Action Center in the Department of State to maintain a public database of vacant commercial space available for purchase or lease by small businesses. Listings include square footage, capital equipment and building systems such as fire alarms, security systems and heating, ventilation and air conditioning. The center updates the database monthly from information supplied by property owners and municipalities and publicizes it to business associations and chambers of commerce. The Secretary of State is to require commercial property owners to report vacancies and occupancy.

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Full text

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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