Despite uncertainty about the broader office market, the local landscape in Newark is changing for the better, as corporations place a greater premium on culture, experiences and other assets that have long existed in the city alongside its connectivity and access to talent.
On the job
As you’ll read in this month’s cover story, veteran planner and public policy expert Dan Kennedy has a full plate of advocacy issues ranging from flood hazard and stormwater regulations to infrastructure and stranded assets. Fortunately, he brings nearly two decades of experience that includes key roles in state government and six years with the Utility and Transportation Contractors Association of New Jersey.
Experts say ‘stranded’ office, retail sites can thrive as new-look community hubs
Experts say the way to revive outdated, underutilized commercial properties in New Jersey is to make the sites an essential part of their communities. That can mean increasing the amount of public green space or adding mixed-use elements, among other options aimed at redeveloping so-called stranded assets.
Can tech firms, startups fuel job growth and new office requirements in New Jersey?
In a market that has been hurt by densification and lackluster job growth, many of the state’s largest office leases in recent years have been tied to tenants looking to consolidate and upgrade their space. But technology and information firms have been a rare source of expansion in New Jersey, fueling new space needs that are about more than just a flight to quality.
Making sure the Garden State can grow its technology sector is a matter of creating the right environment and promoting what the state can offer in the way of labor, education and accessibility. Experts say it’s also up to landlords to ensure that they provide the space that tech users are looking for.
A growth area in the making?
We set out this month to look at the role of technology companies in New Jersey’s office market. The tech sector certainly isn’t the dominant industry in the state’s economy, but it has provided a rare source of job growth in the last few years that has resulted in new office requirements. We’ve seen companies such as Audible, iCIMS and Jet.com lease space in New Jersey thanks to both state incentives and the type of organic growth that landlords would love to see continue.