Jerry Zaro, chief of the Governor's Office of Economic Growth, served as moderator for the panel of speakers, which included Marc Berson, chairman and founder of Fidelco Realty Group; Gus Milano, executive vice president of finance/leasing for Hartz Mountain Industries, Inc.; and John Saraceno, co-founder and managing partner of Onyx Equities, LLC.
During the discussion of the urban marketplace, Berson noted, "urban areas are starting to become more desirable places to live compared to past perceptions. Urban universities, business environments and lifestyle amenities are merging, which has a positive impact on urban growth."
When asked for a forecast for development of the urban marketplace for 2010, Saraceno said it will be a "sideways year." He adds, "Many people feel the worst is behind us, and those who have survived are ready to make decisions. Private companies will be the first to bring jobs back and take advantage of the incentive programs in place for urban markets."
When Zaro asked about the biggest challenge for developers in New Jersey, Milano cited the local government's control over projects. "Even if developers have approval from the state, local municipalities can delay the process," he stated. "It's very difficult to do business in this state as a developer."
In describing New Jersey's loss of revenue and businesses, Milano blamed the income tax structure. "In changing the way the state does business, New Jersey should look at some of Pennsylvania's practices," he noted. "Governor Rendell makes himself very accessible, even phoning large companies looking to relocate to that state. Businesses are impressed that he is personally involved," he concluded, adding that it is essential for New Jersey to make some adjustments to stay in the game.
All panelists agreed that urban areas will be the office market with the largest amount of the leasing activities over the next 12 to 18 months.
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