Commercial Real Estate Picking Up in NY and Newark

Recent developments in New York’s commercial real estate market imply that there is a definite positive outlook amongst the pros.

Morris Companies, a developer based in Rutherford, recently broke ground in a $50 million warehouse in Newark’s Ironbound district. What makes the step particularly bold is the fact that a tenant has yet to commit to the spot.

The facility, which will cover 337,000 square feet, is located right alongside Port Newark and New York City, which adds loads to its appeal, according to the company. The port, which belongs to both NY and NJ, is known as one of the most important to the area’s industry. It supports almost 280,000 jobs already, while numerous developers expect that number to rise as the Panama Canal expansion triggers additional growth.

“This port is going to be hot,” NAIOP’s Michael G. McGuinness said. “It’s already hot, but it’s going to get hotter. Anybody that’s in the industrial sector is probably in a good mood because they’re seeing the light at the end of the tunnel.”