Expansion of port, canal boosts outlook for Newark

TRD New York /
Aug.August 22, 2012 11:00 AM

An expansion of the port of Newark, N.J., and another expansion half a world away have conspired to boost development in the Newark region, the New York Times reported.

The port, which is in the midst of a $650 million upgrade, and the Panama Canal, which will be upgraded by 2015 to allow much larger ships, mean that the demand for industrial space in Newark is rising — at least that’s what developers are betting on. Spaces to house the additional goods that will be moved through Newark are rising throughout the once-troubled city, the Times said.

As The Real Deal reported last month, Morris Companies, a New Jersey-based developer, broke ground in July on a $50 million warehouse in Newark, without a committed tenant.

“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,” Michael McGuinness, head of the New Jersey chapter of the NAIOP, a commercial real estate trade group, told the Times. [NYT] — Guelda Voien


Related Article

arrow_forward_ios

Developer seeks $40M for Opportunity Zone site in downtown Newark

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news

Joy Construction's Eli Weiss (top) and Maddd Equities' Jorge Madruga with 765 Broad Street in Newark (Credit: Google Maps and Getty Images)

Joy Construction, Maddd Equities land $34M loan for Newark building

Mack-Cali brings Whole Foods regional HQ to Jersey City, $85M Englewood apartment complex for sale & more North Jersey real estate news

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more

New Jersey Cheat Sheet: Toys ‘R’ Us unloads former Wayne HQ, Gov. Murphy touts Opportunity Zone awards… & more

arrow_forward_ios