This is an ambiguous-sounding story. Verizon Communications expects to transfer more than 600 jobs outside the city after consolidating its state call center operations somewhere in North Jersey and selling its headquarters building here.
What a setback this could turn out to be for the city, and for the Booker administration. More so, this would be disappointing for the latter, which works very hard to attract and keep major businesses here, and make sure that Newarkers are first in line for available jobs at these huge companies. If the reader who commented at the end of the story is right about the estimated cost of payroll taxes for a company the size of Verizon, then it implies that it doing business here carries significant expenses. On the other hand, shouldn’t the city’s lower psf cost of commercial real estate (compared to New York) offset that, especially when you consider its central location?
The story does say that the company plans to keep its headquarters in Newark, but in a different location, so I guess that works out to be a little piece of silver lining. I wonder where that will be.
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3 Comments
Why wouldn’t a business want to escape Newark for a safer area with better access? Cory Booker himself recognized that crime in Newark was out of control and promised to stop the killings. Since he has not produced any results why do we expect corporate America to stay in the area? Verizon appears to be looking for any excuse to seize an opportunity to relocate. They aren’t the first and I strongly doubt they will be the last.
Not only did the article say that Verizon is keeping their headquarters in Newark, but it also mentioned that the company was moving jobs out of Scotch Plains AND Madison.
Corporate America should stay in the area because believe it or not, the Gateway Complex alone is prime commercial real estate:
http://www.gvawilliams.com/x1042.xml
McCarter & English were about to move to a newly constructed building when their lease expired and the ONLY reason they didn’t was that the construction wouldn’t have been completed on time.
Regardless of what anyone says, crime in Newark precedes Booker in every aspect. To blame his administration is to discount long-term underlying problems of the city
Companies are leaving New Jersey for a cheaper labor force period. Keep in mind corporations no longer care about their workers. They only concern themselves with pleasing the stock holders Verizon is a dying company, I wouldn’t be surprise if they were to be taken over within the next three years.
Trust me in the long run, Down town and the entire city will be in much better shape within the next five years. The only issue that I see lying ahead is what going to happen to the very poor.
For as rent and housing cost continue to go up places like Newark look pretty good. People will just look at the crime rate as part of the cost of being a pioneer.