Senate Commerce Committee Statement to Senate, No. 3286 — State of New Jersey (May 15, 2023)

Summary

A Senate Commerce Committee statement to the Senate on Senate Bill No. 3286, State of New Jersey, dated May 15, 2023, reporting the bill favorably with committee amendments. As amended, the bill requires the NJ 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, including square footage, capital equipment and building systems. The center must update it monthly using information from commercial property owners, realtors and municipalities, and owners must notify the center when a property becomes vacant or occupied. The statement says commercial space is often one of the most costly barriers to entry; the bill is identical to Assembly Bill 4750 (1R).

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SENATE COMMERCE COMMITTEE

STATEMENT TO

SENATE, No.
3286

with
committee amendments

STATE
OF NEW JERSEY

DATED: MAY 15,
2023

The Senate Commerce Committee reports favorably and
with committee amendments Senate Bill No. 3286.

As
amended, 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
amended and reported by the committee, this bill is identical to Assembly Bill
4750 (1R), as also reported by the committee.

COMMITTEE AMENDMENTS:

The committee amended
the bill to include realtors as a source of information on the availability of
vacant commercial space.

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