News
June 4, 2015
Glut, defunct & stranded: What do these words describe?
NJBiz uses these words (in the article linked below) to describe suburban corporate campuses in New Jersey- with enough combined square footage to fill five Empire State Buildings.
PlanSmart NJ has taken on the task of developing a “toolkit” of sorts for municipalities to begin to deal with the 14.5 million square feet of vacant, obsolete office and/or lab space in 94 of the state’s largest (over 200K sf) buildings. These campuses that dot New Jersey’s suburban landscape are often referred to as “stranded assets” and will need some creative thinking to reposition them.
“We’re looking at it holistically — that this is an economic development project, it’s an environmental protection project, it’s a resource efficiency project,” said Ann Brady, PlanSmart NJ’s executive director. “We think there’s a lot of opportunity with these sites, to better connect them to the greater community, to use the infrastructure that’s already there, so we’re directing growth to areas where there’s already existing infrastructure.”
Oftentimes municipalities fear redevelopment, rezoning and mixed-use projects. PlanSmart NJ “hopes to frame the issue by quantifying the problem” with “a major two-year research project that will compile data on vacancy, demographics, property tax appeals and other metrics related to the sites, with the aim of creating a guidebook for local officials and sparking a policy change that could help them find new life as mixed-use assets”.
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