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Tax Incentives, Locational Diversity and Film-Friendly Mentality Spur Momentum
BERKELEY HEIGHTS, N.J. (April 11, 2023) — The motion picture and TV industries have been a boon to New Jersey’s state and local economies, and the future looks even brighter. A recent NAIOP New Jersey program, “Motion Picture and Television Industries: Opportunities for Commercial Real Estate,” explored why this rising sector is drawn to the Garden State – and how commercial real estate practitioners and the state’s municipalities can capitalize on the momentum.
This hot topic drew 120 attendees to the dinner program at Embassy Suites by Hilton in Berkeley Heights. Eric Brophy (pictured, far left), Economic Growth, Office of the Governor, moderated the discussion. Panelists included (L-R) Gavin Curran, Sustainable Studios; Steven Gorelick, NJ Motion Picture and TV Commission, Liz Bendelac, location manager; Tom Bernard, Sony Pictures Classics; and Michael Gabriel, Great Point Studios.
“Our panelists highlighted the robust tax incentives and inherent advantages New Jersey offers for these dynamic industries,” said Michael McGuinness, NAIOP New Jersey chief executive officer. “From beaches and mountains, to cities and bucolic suburbs, to casinos and sprawling farms, New Jersey presents close-in locational diversity that makes it a great choice as a studio home base. Add to that ample space availability and a ‘film friendly’ reputation, and it’s no wonder there is huge and growing demand from production facilities and a wide range of support businesses.”
In 2022, overall in-state production spending from filmmaking exceeded $650 million, up from a record $500 million in 2021, according to the New Jersey Motion Picture and Television Commission. Today, an estimated 10,000-plus production jobs are tied to state tax incentives. The NAIOP New Jersey panel emphasized this is still a great time for commercial real estate practitioners to get in on the ground floor.
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