Economic Development
New Businesses
Newark businesses are always evolving. 2023 brought a diverse group of great new businesses to our community—but you don’t have to take our word for it. Check them out the next time you pass by.
375 Chicken
11-43 Raymond Plaza West Newark, NJ
Chip City
11-43 Raymond Plaza West Newark, NJ
The Green Room
99 Halsey Street
Newark, NJ
Monge Capital
494 Broad Street
Newark, NJ
A & J Carribean Taste
150 Halsey Street
Newark, NJ
Farinella
11-43 Raymond Plaza West
Newark, NJ
Ikoyi Restaurant and Lounge
11 Clinton Street
Newark, NJ
Salad House
542 Broad Street
Newark, NJ
Beastmode Cafe
470 Washington Street
Newark, NJ
Fresh & Co
11-43 Raymond Plaza West
Newark, NJ
Kinjo
159 Washington Street
Newark, NJ
Tech in Red
39 Maiden Lane
Newark, NJ
Bunkr
25 Halsey Street
Newark, NJ
Good Company Cafe
201 Halsey Street
Newark, NJ
Kung Fu Tea
73 Halsey Street
Newark, NJ
Uncle Willie’s Wings
11-43 Raymond Plaza West
Newark, NJ
A Perfect Fit
Kimberly has worked at Newark Downtown District for 17 years. She manages Anthony McMillan’s calendar, handles office administration, onboards new employees, handles benefits and HR, and does some accounting on the side.
New Artists, New Audiences
Darryl originally moved to Newark to further his career as a performing artist. With his background in performing, dance and choreography, his goal was to work in TV and film. In 2012, he was hired by the museum for a summer contract as a performing arts educator who could connect the artwork in their gallery spaces to imaginative musical performances.
Real Estate Report
Trends we tracked in 2023 include weakness in office occupancy as employers continue to shift to a hybrid work from home business model, initial weakness in retail but a recovery as the year progressed, development deliveries in multifamily and the impact on this property type, and the continued recovery in hospitality driven by pent-up pandemic induced travel and leisure activity.
Newark Downtown Real Estate Operating Statistics
Source: CoStar; NDD. *Year-Over-Year (YOY); **Revenue per available room.
2023 Business Improvement Highlights
The NDD’s southern expansion into the Lincoln Park neighborhood;
Leasing activity surrounding Newark Penn Station including the 407,000 25-year New Jersey Transit lease at Gateway Two;
The concentration of development activity on Washington Street just south of Market Street, and;
Newark’s Central Planning Board’s approval of three cannabis dispensaries in the Four Corners retail area.
Real Estate Highlights
Office vacancy increased 2.4% to 19.0% in the fourth quarter of 2023 from 16.6% in the fourth quarter of 2022.
Employers continue to adjust their business models to accommodate work from home, which has resulted in space consolidation.
Retail vacancy declined 1.6% to 8.3% in the fourth quarter of 2023 from 9.9% in the fourth quarter of 2022.
We note a seasonal pattern where vacancy increased headed into midyear as retailers give up space and then demand in the second half with an overall trend toward improved occupancy in retail.
Multifamily vacancy declined 1.5% to 8.3% in the fourth quarter of 2023 from 9.8% in the fourth quarter of 2022.
The District saw delivery of three multifamily developments beginning in the fourth quarter of 2022, which impacted occupancy in 2023.
Hospitality RevPar growth increased 17% in September (latest available).
We note the length of the recovery in RevPar since the fourth quarter of 2020 where pent-up demand for travel and leisure continued to drive the favorable trend.
Newark Block by Block
Robert has worked for NDD for a little over two years. He tracks the real estate operation fundamentals of the various commercial real estate property types in Newark and the operating performance of the commercial properties.