Why Exactly is Newark So Exciting?
by Josh Anderson
NEWARK, NJ — New Jersey’s market is hot. Newark may be the most exciting municipality in that state. And in recognition of that, CapRE’s Newark CRE Summit in July dove deep into the many aspects of Newark’s renaissance. Perhaps the most exciting conversation of the day was the closing panel, CAPRE Newark Takeaway: A Review of the Summit, Industry Leaders Summarize the State of the Market and Offer 12-18 Month Predictions for Brick City.
Moderator Robert Rudin, Vice Chairman, Cushman & Wakefield offered some introductory remarks. “The last couple of panels were very sobering and very technical,” he began, referring to panels about interest rates and a potentially slowing national economy. ‘So I want to give an overview of why Newark is so exciting, steering away to a different set of facts than what were being discussed.”
“The real takeaway is that there are about 50,000 office employees working in Newark right now,” highlighted Rudin. “And if you look at the largest employers that are here, there are names like Audible, Panasonic, Prudential, Broadridge Financial, and if you take a look at those uses, they are all over 100,000 square feet. And I think that what you’re going to see as we go through this deck, is that if you didn’t know this was Newark, and it was any other city in the country, you’d be amazed that this wasn’t a runaway success right now.”
Rudin then listed some of the most exciting deals to enter Newark recently. “So if you take a look, for example, Broadridge just moved in, Panasonic built a headquarters here, audible is a division of Amazon. And Mars just committed and Acme into the marketplace with over a hundred thousand square feet,” he listed. “They could have gone anywhere in the state or anywhere in the country, and they chose Newark.”
Then, Rudin looked to the transportation Newark. “Over a million people pass through Newark every day. It is without question the largest nexus of human beings in the state of New Jersey,” he mused. “And if you take a look between the airport and the PATH, the northeast corridor, the second largest sea port, and of course they’ve got the light rail running through.”
“If you keep going….and you take a look at all of the development projects, in terms of the summary, the true canaries in the coal mine are the One Rector tower and One Theatre Square,” offered Rudin, tying the previous two topics together. “If those end up leasing up, and if there is a true indication that leasing is viable, then it’s game on for Newark for sure.”
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