Governor Phil Murphy has a tall order to fill to help New Jersey develop a more competitive business environment. What impact will he have on business and the commercial real estate market?
Governor Phil Murphy has a tall order to fill to help New Jersey develop a more competitive business environment. What impact will he have on business and the commercial real estate market? Here are some thoughts to ponder:
Capital flight out of New Jersey? — a proposed millionaires tax hike and closing corporate loopholes could provide revenue the governor is counting on to increase funding for education, transportation and public-worker pensions. However, does it mean investment by the business community will go elsewhere?
Legalization of cannibas use – potential to create huge market for warehouse, manufacturing and retail space in designated areas throughout the State. Law, architect, engineering, retail and real estate industries should reap additional business if legalized.
Infrastructure investment increase – decades of letting New Jersey’s roads, bridges, railways, and ports crumble and allowing the State’s Transportation Trust Fund to go bankrupt is a serious problem. The governor’s promise to make investments in our infrastructure is much needed and welcome news.
You decide! We hope the next four years will be fruitful, positive for business and living here in New Jersey. Of course, only time will tell. - DB