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Newark Commercial Real Estate In-depth
Newark commercial real estate is the largest office and industrial building market of New Jersey. With a population approaching 300,000 people, Newark is the 65th largest city in the United States and is a major port and entry point into the United States. Newark commercial real estate also houses some of the largest insurance companie
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Newark Commercial Real Estate In-depth
Newark commercial real estate is the largest office and industrial building market of New Jersey. With a population approaching 300,000 people, Newark is the 65th largest city in the United States and is a major port and entry point into the United States. Newark commercial real estate also houses some of the largest insurance companies and financial services groups. The city is divided into five political areas which are used to identify various Newark commercial real estate submarkets. In recent years, specific names have been given to Newark commercial real estate areas but the political wards remain intact. Industrial uses, along with the airport and seaport, are concentrated in the East and South Wards, while residential neighborhoods are biggest in the North, Central, and West areas or wards. The East Ward consists of Newark's downtown commercial district, and the Ironbound, also known as Down Neck or the Industrial Meadowlands, is the center point of Newark.
Newark has over 300 types of businesses. These include 1,800 retail locations, 540 wholesale establishments, eight major bank headquarters (including those of New Jersey's three largest banks), and twelve savings and loan association headquarters. Newark is the third-largest insurance center in United States, after New York City, and Hartford. Prudential Financial and Mutual Benefit Companies originated in Newark. The former, one of the largest insurance companies in the world, is still headquartered in Newark. Many other companies are headquartered in the city, including International Discount Telecommunications, New Jersey Transit, Public Service Electric and Gas (PSE&G), and Horizon Blue Cross and Blue Shield of New Jersey. Though Newark is not the industrial giant it once was, Newark commercial real estate houses an appreciable number of formidable companies and industries. The southern portion of Industrial Meadowlands houses the Anheuser-Busch brewery. The service industry is also growing rapidly and augmenting what arguably is a declining manufacturing base.
Midway into 2009 and Newark commercial real estate has really suffered with the northern and central New Jersey office markets getting hit the hardest due to the fallout of the financial institutions following the economic recession. Confronted by the challenging economic conditions, many business sectors have been pursuing aggressive restructuring and space reduction strategies, including employment layoffs and Newark commercial real estate consolidations in an effort to reduce operating expenses. Diminished demand, combined with additional availabilities, has exerting upward pressures on the Northern and Central New Jersey overall office availability rate and on Newark in particular. Since bottoming out at 19.5 percent in late 2007, the Northern and Central New Jersey overall office availability rate trended higher for the next five consecutive quarters. By the first quarter of 2009, the overall office availability rate reached 21 percent, which represented the highest availability rate in more than four years. More than 32.1 million square feet of direct and sublet space was being marketed in early 2009. Space consolidations and lease renewals, rather than significant real estate expansions, are expected to plot the course of the Northern and Central New Jersey office markets in 2009. Hesitant about the length and severity of the economic downturn, many companies with expiring leases are anticipated to take advantage of aggressive renewal terms, including shorter lease commitments, rather than incurring the expenses and disruptions associated with a real estate relocation.
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