Brownfield Coalition of the Northeast - Insiders see growing (but measured) demand for new, more targeted state incentive program

Insiders see growing (but measured) demand for new, more targeted state incentive program

05 Nov 2021 10:00 AM | Anonymous member (Administrator)

By Joshua Burd in Real Estate NJ

The state has approved its first two awards under the new Emerge program, prompting one observer to note that the Economic Development Authority is “open for business” more than two years after the lapse of the jobs-based Grow New Jersey tax incentive.

That may be true, but industry experts caution that New Jersey may not see a flurry of new applications under Emerge and, in turn, a spike in large office deals in the immediate months ahead. State officials agree, as they manage a program that was designed to be more discerning than its predecessor and address concerns about ballooning subsidies of the past.