As expected, Panasonic to move within New Jersey, not to Forest City Ratner sites in Brooklyn

As expected, Panasonic will not move its 950 jobs to Forest City Ratner's Atlantic Yards, or its MetroTech complex, but rather will move within New Jersey.

As Crain's New York Business reports, in Panasonic rebuffs Brooklyn's overtures: Electronics giant to relocate corporate headquarters in New Jersey, a move that's sweetened with a $102.4 million subsidy from the state.:

In the end, Brooklyn could not compete with a $102.4 million subsidy package offered to the consumer electronics giant to move to Newark, N.J., from its current home in Secaucus, N.J.

Markowitz: Brooklyn "hottest place to do business"

Brooklyn Borough President Marty Markowitz issued a statement:

“I am disappointed that Panasonic passed on a chance to bring its big screens to the ‘big stage’ of Brooklyn, U.S.A. Brooklyn is the Creative Capital of America, and there would have been no better place to develop Panasonic’s next ‘ideas for life.’ This doesn’t change Brooklyn’s status as the hottest place to do business in New York City, and I will continue to work to bring companies of all sizes to Brooklyn. And when the Nets move from Newark to Barclays Center in 2012, it’s going to be a heck of a commute for those Panasonic employees!”

Brooklyn may be good at luring food and drink establishments, or small creative companies, but it sure is not the "hottest place" to do business when it comes to office space.