Newark hears economic development update highlighting hotel gains, industrial vacancy and small‑business recovery

Deputy Economic Development Director Angela Sway presented an economic development update and 2025 work plan to the Newark City Council at its first meeting of 2025, outlining recent market data for industrial, hotel and retail sectors and describing programs to support small businesses and workforce connections.

Sway told the council that Newark’s hotel market improved in 2024, with an average daily rate of $141 and an occupancy rate the city estimates at 72%, surpassing several regional peers. She also noted that Measure LL, approved by Newark voters in November 2024, raised the city’s transient occupancy tax from 10% to 14% and is expected to produce roughly $2 million to $2.5 million a year in general‑fund revenue.

The update said 1 million square feet of industrial space was entitled in 2018 and two large projects, Gateway 84 and Morton Commerce Center, were completed in 2022. Sway reported current conditions as: Gateway 84 with a 16% vacancy rate and Morton Commerce Center about 75% occupied; she added that some tenant…