Corzine also expressed concerns about New Jersey's competitiveness vis-à-vis neighboring states, admitting that when it comes to tax structure, "we're at a disadvantage." Add to that chronic congestion issues and a dated infrastructure and, "I could talk on and on about the challenges," he said.

His remarks came against a backdrop of a state fiscal crisis and his own plan to generate cash from substantial toll hikes on the state's superhighways coupled with substantial budget cuts, recently revealed. All that said, "the state has great strengths," Corzine told NJ-Naiop attendees, "and the biggest strength is location. We have an incredible location, great demographics and incredible advantages to build on."

But the state "needs financial restructuring," he said. And while his proposed toll hikes have not been well received, nothing is etched in stone, including possible increases in the gasoline tax. He admitted that the latter "is not my favorite choice." His financial restructuring plan comes down to three points: keeping the state budget at the $32.5-billion level, limiting spending in the future, and limiting state debt, currently in the $115-billion range.