Newark, NJ Office Overview
The Newark real estate market includes the Dayton, Mount Pleasant, and North Ironbound submarkets. With a metropolitan population of over 2.5 million people, Newark is the most-populous city in New Jersey and a major East Coast hub for air, sea, and rail shipping and transit.
As of mid-2017, the Newark market encompasses nearly 14 million square feet of existing office space in properties larger than 50,000 square feet. The city is not only a major shipping port, but it also hosts numerous corporate offices and world-renowned educational institutions.
Newark, NJ Office Inventory Description
Newark was settled over 350 years ago, and over the centuries has grown into an integral part of the Port of New York and Port of New Jersey container shipping terminals. With an annual gross metropolitan product of over $177 billion, there is significant demand for Class A space in the metro. Nearly 60% of the inventory in Newark is Class A or A+, with Class B product contributing another 5.7 million square feet of space to market.
The Downtown Newark office market sees some of the strongest demand for Class A space in the region. Located along the Passaic River between Market Street and Dr. Martin Luther King Jr. Boulevard, this area is home to portfolio buildings such as 1 Washington Park, Three Gateway Center, and 550 Broad Street.
Newark, NJ Commercial Inventory Breakdown
Office Spaces
Total: 20,613,181 SF
By square footage range:
- 50k to 100k SF: 459,701 SF / 2.23% of total office
- 100k to 500k SF: 6,412,746 SF / 31.11% of total office
- 500k to 1M SF: 8,970,734 SF / 43.52% of total office
- > 1M SF: 4,770,000 SF / 23.14% of total office
By class:
- Class A: 9,806,082 SF / 47.57% of total office
- Class B: 5,438,004 SF / 26.38% of total office
- Class C: 78,095 SF / 0.38% of total office
Top 10 Largest Office Buildings
in Newark
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Westinghouse Redevelopment | 95 Orange Street, 07102 | 2,000,000 | n/a |
| Riverfront Square - Phase V | 450 Broad Street, 07102 | 1,520,000 | n/a |
| Pier Six at Newport | NEC Thomas Gangemi Drive & Washington Street, 07310 | 1,250,000 | n/a |
| Prudential Building | 751 Broad Street, 07102 | 847,506 | 1960 |
| 80 Park Plaza | 80 Park Plaza, 07102 | 824,124 | 1979 |
| Two Gateway Center | 2 Gateway Center, 07102 | 794,000 | 1971 |
| Horizon Blue Cross Blue Shield | 3 Penn Plaza East, 07105 | 781,627 | 1992 |
| Prudential Tower | 635 Broad Street, 07102 | 733,000 | 2015 |
| The Wash Building | 213 Washington Street, 07102 | 600,859 | 1942 |
| 2 Penn Plaza | 91 Commercial Street, 07105 | 600,000 | 1992 |
Most Recently-Built Office Buildings
in Newark
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Ironside Newark | 110 Edison Place, 07102 | 450,000 | 2019 |
| Prudential Tower | 635 Broad Street, 07102 | 733,000 | 2015 |
| Biotrial North American Headquarters | 130 Norfolk Street, 07103 | 70,000 | 2013 |
| University Hospital - Ambulatory Care Center | 140 Bergen Street, 07103 | 195,948 | 2005 |
| Claremont Tower | 11 Centre Place, 07102 | 247,067 | 2003 |
| 375 McCarter Hwy | 375 McCarter Hwy, 07114 | 200,000 | 2003 |
| 321 University Avenue | 321 University Avenue, 07102 | 88,683 | 2003 |
| 320 University Avenue | 320 University Avenue, 07102 | 58,723 | 2001 |
| Horizon Blue Cross Blue Shield | 3 Penn Plaza East, 07105 | 781,627 | 1992 |
| 2 Penn Plaza | 91 Commercial Street, 07105 | 600,000 | 1992 |
Newark, NJ Green Office Space
The State of New Jersey ranks 25th among the top 30 U.S. markets, for the largest amount of green office buildings. In Newark alone, there is over 1 million square feet of energy-efficient, green office space. An excellent example of a LEED-certified office building in the city is Two Riverfront Plaza in the Downtown submarket. Built in 2013, this building has nearly 338,000 square feet of Class A energy-efficient office space and has been awarded the LEED Platinum certification.
The National Green Building Adoption Index from 2017 measured the growth of green office space in the top 30 U.S. office markets and discovered that, when looking at buildings larger than 50,000 square feet, the percentage of green buildings has increased from less than 5% back in 2005 to about 38% today. New Jersey has placed 25th on the most recent survey.
Newark, NJ's Top Office-Using Sectors
The Newark commercial real estate market is driven by a mix of business and industry. Among the top sectors in Newark are the finance, education, healthcare, and logistics & transportation industries.
- Finance – Prudential Financial, Bank of America, Ernst & Young LLP, and Fidelity Investments are some of the largest creators employment in the region.
- Education – Prestigious educational institutions such as Rutgers, the New Jersey Institute of Technology, and Seton Hall University School of Law attract not only students but also venture capital and research and development business to Newark.
- Healthcare – CVS Health, Holy Name Medical Center, Kennedy Health, and Virtua are some of the organizations that generate demand in the metro.
- Logistics & Transportation – Transportation, shipping, and logistics companies such as Amazon, FedEx, United Airlines, and United Parcel Service drive the local commercial real estate market.
Newark Demographics
Population
- Total Population282,803
- Male Population(49.4 %) 139,738
- Female Population(50.6 %) 143,065
- Median Age33.60
Income/Financial
- Average Household Income$48,984
- Median Household Income$34,826
- Median Income Under 25$18,816
- Median Income 25-44$36,225
- Median Income 45-64$41,335
- Median Income Over 65$22,627
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