Economic Development
New Businesses
Newark businesses are always evolving. 2024 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.
Vibe BBQ
56 Halsey Street
Newark, NJ
Hashstoria
799 Broad Street
Newark, NJ
Newark Culture Club
563 Broad Street
Newark, NJ
Wing It On
155 University Avenue
Newark, NJ
Sweet Jeans Macaron and Coffee Bar
494 Broad Street
Newark, NJ
MokBar
1 Gateway Center, Floor 2
Newark, NJ
PocStock
625 Broad Street, Suite 240
Newark, NJ
Cold Stone: Newark
635 Broad Street
Newark, NJ
Romana European Tapas Lounge
37 Edison Place
Newark, NJ
AlphaROC
550 Broad Street
Newark, NJ
Dressed for Success
In his daily walks around Newark, Armon surveys the streets of the Newark Downtown District, reporting on repairs that may be needed, inspecting to see if anything is out of place, and engaging with business owners to monitor their concerns or needs.
Brilliant
Smiles,
Brilliant
Futures
Children who get their teeth cleaned at Brilliant Smiles on a Friday get a special treat—New Jersey House Music. That’s because Dr. Suffiyah Webb and her staff make an extra effort to make the practice a welcoming place and adding great music to their Fridays is just one of the many ways they do that.
Real Estate Report
The NDD Real Estate and Business Assistance Department provides comprehensive research designed to provide stakeholders with valuable insights into market trends, property performance, and emerging opportunities downtown. Designed to support informed decision-making, these reports highlight key metrics tailored to the needs of our dynamic Downtown District. In 2024, we enhanced our business-assistance protocol as a part of our mission to assist retailers and improve storefront vacancy in the District.
Newark Downtown Real Estate Operating Statistics
Source: CoStar; NDD. *Year-Over-Year (YOY); **Revenue per available room.
2024 Business Highlights
Burlington at 729–737 Broad Street
At Fidelco Realty Group’s 494 Broad Street, the New Jersey Institute of Technology sublet 74,000 square feet of space available, which drove the positive absorption and occupancy comparisons in the quarter.
The Junction at Gateway 2
Completion of the 250-unit Newark Urby, the 106-unit Indigo Residence and the 370-unit ICONIQ 777 have a total of 726 units in lease-up, which have affected downtown occupancy and vacancy rates. Occupancy continues a positive trend as the new supply is leased.
Real Estate Highlights
Office occupancy increased 0.8% to 81.0% in the second quarter of 2024, from 80.2% in the first quarter of 2024 in a sequential comparison.
Retail occupancy declined 0.5% to 90.9% in the second quarter of 2024 from 91.4% in the first quarter of 2024.
For the trailing 12-month period, retail occupancy increased 1.7% from 89.2% in the second quarter of 2023.
Multifamily occupancy increased 0.9% to 94.9% in the second quarter of 2024 from 94.0% in the first quarter of 2024.
Hospitality RevPar increased 6.7% in May of 2024 following a 3.5% increase in March 2024.
Hospitality occupancy increased 79.0% in May 2024 (latest available) from 74.7% in March 2024 in a typical seasonal pattern.
Putting All the
Pieces Together
As Project Manager, Evan is constantly reconciling the goals and objectives of a project with the realities of timelines, checkpoints, and deliverables. He coordinates permits, vendors, supplies, logistics, scheduling and manpower. Then he provides a supervisory overview of the process to successfully see a project through to completion.