Description:
Newark is a thriving home for many smart and successful businesses. Located at the southern end of the San Francisco Bay on 13 square miles near the water, Newark represents a diverse, bustling economy at the gateway to some of the world's most affluent markets. Newark is in the direct growth path converging from the north and south. Small town values remain, but lower housing and development costs, close proximity to skilled workforce and universities, and a regionally strategic location, make Newark a prime site for the new growth industries of the 21st Century. Newark’s proximity to the East Bay and Silicon Valley continue to drive its success as a well located city with an abundance of industrial related jobs. It offers a diverse mix of retail space, industrial space, flex space, and office space options throughout several parts of the city for a companies commercial real estate needs.
Companies who look in this city also look in nearby cities such as Fremont, Union City, and Hayward.
Retail space in Newark: Newark has three or four local regional retail centers that provide a great retail solution for local businesses and residents alike. The NewPark Mall, the largest mall in the city, offers 1.3 million square feet of retail space including major department stores, a food court and other restaurants as well as a 20-screen Century Theater. There are numerous neighborhood shopping centers located throughout the community. Exciting retail opportunities include restaurant space, and storefront space.
Office space in Newark: Newark offers many attractive options for East Bay or Silicon Valley residents who are looking for a new site for their office or commercial space. Newark can be accessed by both BART and bus and employees working in Newark find it to be a very convenient location. Newark offers high rise office space, low rise office space, lofts, and converted warehouse office space. Newark is not known for its office environment, but the recent building of the Sun campus has added some high end office product to Newark.
Warehouse space in Newark: Newark offers great freeway access and close proximity to San Jose, San Francisco, and the Silicon Valley which helps business justify locating their commercial real estate within Newark. Newark’s central location offers warehouse space near Interstate 880. Newark is one of the largest industrial towns in the Bay Area and many industries continue to flourish. Many industrial companies find it convenient to locate their business along Interstate 880 as it is a major trucking route that can easily access the port and the airport in Oakland. Newark has storage spaces, warehouse spaces, distribution spaces, and manufacturing spaces. Newark provides lab space to the growing local biotech community that is doing well in Newark. A local landlord named BioMed Realty Trust is building a large biotech campus near the Dumbarton Bridge that should bring some new lab space on the market in 2008!
Quick Market Stats:
There's roughly 3,000,000 square feet of R&D space with a rough overall vacancy rate of 50%. The average asking rates for office space is $1.25(fs).
The industrial space market is roughly 4,000,000 square feet and has an overall vacancy rate of just 8%. The
average lease rate is $0.50 per square foot per month.
The warehouse space market is roughly 3,000,000 square feet and has an overall vacancy rate of just 20%. The average lease rate is $0.50 per square foot per month.
