Newark as a Business Location
[Updated Oct 2020] A guide to executive suites and office space for rent in Newark as well as general information that may be useful if you are considering renting office space in Newark.
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History & Geography
While Newark, New Jersey may be perennially in the shade of its glitzier neighbor, the city has a history and appeal that is all its own. Lying on Newark Bay on the Atlantic Ocean, the city has the third-smallest land area of the top 100 most populous cities in the US. The Passaic River flows through downtown Newark, which is built on several valleys sloping down to the river. Newark is one of the oldest cities in the US, founded in 1666 by Connecticut Puritans coming from the colony of New Haven. The settlers named their new community ‘new ark’ or Newark for short. Until 1733 the Puritan Church had total control over the town, however, this changed when a citizen invited the Episcopalians to build their own church in the town, breaking the monopoly of the Puritans. Newark did not grow significantly until the beginning of the 19th century when the town became a center of leather and iron manufacturing. After the arrival of railroads in the 1830s, Newark also developed a significant shipping industry. As the 19th century continued Newark continued to prosper and developed a large insurance industry as well as a retail industry centered around several large department stores. As the 20th century arrived the city also had a renowned nightlife and arts scene. After WWII however, Newark’s economy began a long decline. The city’s population dropped and many of its residents were moved into housing projects. There was a large influx of African Americans from the south and the city’s population demographics changed quickly and dramatically, leading to riots in 1967. After the riots, extensive refurbishment and redevelopment took place in downtown Newark, with the insurance industry in particular underwriting several major projects. Today, Newark’s downtown is a thriving center of commerce and culture and many of its adjoining residential areas are also seeing an upsurge in prosperity.
Economy
Newark benefits from a fairly diversified economy, though the city does have several main industries that act as drivers. Newark has the third-largest insurance industry of any city in the US, behind New York City and Hartford. Newark also still has a sizable manufacturing industry. It is not as large as it once was, however, there is still a range of factories located in Newark, including an Anheuser-Busch brewery. Among the fastest-growing industries in the city is the service industry, making up for man of the jobs lost in the manufacturing sector over the last few decades. Additionally, the transportation industry accounts for over 17,000 jobs in the city. Another bulwark of the economy is the Port of Newark, which is run by the Port Authority of New York and New Jersey and is located on Newark Bay. The port is the main facility for all goods entering New York and the region around it. It is the 15th busiest container port in the world and is set to expand its tonnage even further after a raft of improvements and refurbishments.
Tourism & Culture
Newark is generally not regarded as a prime tourist destination and is completely put in the shade in this respect by its neighbor, New York. However, there are several attractions and sites popular with visitors to the city. Many visit Newark’s distinctive Art Deco buildings and skyscrapers like the National Newark Building and Newark Penn Station. Newark Museum and the Newark Public Library are also popular architectural sites with visitors. The Cathedral of the Sacred Heart meanwhile is said to have more stained glass windows than the famed Cathedral of Chartres. Newark has a thriving art scene as well. The New Jersey Performing Arts Center, which houses the New Jersey Symphony Orchestra, is one of the most frequented art centers in the eastern United States. The Newark Symphony Hall is also still widely used for plays and other performances and is well-known for its Art Deco stylings. As well as the Newark Museum, the city houses several other popular museums, such as the Jewish Museum of New Jersey and the John Ballantine House, a Victorian-era building which has been restored to its original appearance and is open to the public to visit.
Transportation
Newark is served by the Newark Liberty International Airport, which is the 14th busiest in the US and serves over 33 million passengers every year. The city is connected to New York by several roads, including the Holland Tunnel. Newark has excellent highway connections to the rest of the country. The city itself has a comprehensive public transportation system consisting of bus routes and a light rail system, as well as connections to the railroad proper. There is a train serving the airport exclusively, as well as a Greyhound station which has bus service to most major cities on the East Coast.
Office space for rent in Newark
Of late the Newark office market has experienced a fairly substantial comeback from its recent doldrums. The rate of unemployment in Newark is now below ten percent and many corporations are starting to expand once more. The average rental price in the city currently stands at USD 23.98 and the vacancy rate for Grade A office space is at approximately 8 percent. Some areas of downtown Newark have become subjects of extensive refurbishment and renovation and this is likely to have an impact on the office market in the near future. Analysts have predicted that rents will creep upward as vacancy drops.
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