A bill on Governor Murphy’s desk for possible enactment into law would add yet another burden on commercial property owners. This time it’s an effort to create a public database of all vacant commercial space available in the state for lease or purchase. Legislators have touted this initiative (Senate Bill 3286/Assembly Bill 4750) as a tool to help New Jersey’s small businesses in “locating storefronts,” but what does it mean for commercial property owners?
Jason L. Sobel is a Member of the Sills Cummis & Gross Real Estate Department. He primarily counsels retail, industrial, office and residential real estate owners and developers regarding acquisitions, sales, financing, and leasing with respect to their projects.