This summer, Governor Murphy signed into law P.L. 2019, c. 229, a bill designed to give New Jersey municipalities a new tool to combat what many have labeled the “stranded asset” problem—vacant and underutilized retail shopping malls or centers and office buildings.

Over the last several years, many retailers have closed their doors, leaving empty spaces in retail centers and shopping malls across the state. With the increased presence of online shopping and new trends in retail real estate development, some claim there is little hope for the revitalization of these centers. The same has been said for suburban office parks that have suffered from an increasing number of untenanted spaces and “dark buildings.” The change in suburban office parks has been caused by shifting demographics, as employers are downsizing due to technology, allowing more employees to work from home, and moving back to urban areas where the next generation of workers eschews the suburban model pursued by their parents.

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