Despite high overall vacancy and a recent slowdown in leasing, Newark is starved for modern Class A office space — creating an opportunity for developers that can capture that demand.
While Ironside Newark is still months away from completion, Edison Properties is moving quickly toward achieving its vision for the adaptive reuse project.
Despite suffering the largest occupancy losses in nearly a decade, the northern New Jersey office market emerged from 2017 with reasons to be optimistic.
The maker of the iconic Mars and Wrigley brands is officially moving its U.S. headquarters to Newark, where it will anchor a soon-to-redeveloped piece of the city’s downtown.
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.
Blending the past with the future is one of the main principles behind Edison Properties’ $80 million plan to convert a well-known, 107-year-old warehouse along McCarter Highway in Newark into state-of-the-art, loft-style office space.
Edison Properties’ plan to build more than 450,000 feet of modern, loft-style office space at a historic Newark warehouse has earned the recognition of WiredScore, a rating service for technology and connectivity in commercial buildings.