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GlobeSt.com UPDATE: Fort Monmouth Closing Could Depress Market

FORT MONMOUTH, NJ-The closing of Fort Monmouth would have a detrimental impact on both the housing and the office markets here, industry insiders say. On the other hand, there is potential for redevelopment, in the long term.

By Sean Ryan | Updated on May 17, 2005

Sean Ryan is associate editor of Real Estate New Jersey FORT MONMOUTH, NJ-If Fort Monmouth closes, as was announced by the Department of Defense’s Base Realignment and Closing Commission last Friday , it could significantly damage the office and housing markets in Monmouth County, area real estate industry insiders report. “I genuinely believe that it will be very detrimental to the office market,” says Sheldon Gross, president of Sheldon Gross Realty in West Orange. “How much space will it dump on the market? I don’t know. I don’t think anybody really knows.”

“The bulk of the tenants in Eastern Monmouth County service the contracts of the government,” says Suzanne Macnow, senior associate at CB Richard Ellis in its East Brunswick office. “Over 70% of the Avenue of Commons tenants in Shrewsbury service the government. If the fort closed, and all that business went away, it would be devastating to the Eastern Monmouth market.”

Fort Monmouth is the largest of the military bases affected in New Jersey. The possible shuttering will take 620 military jobs and 4,652 civilian jobs out of the area. Other bases are picking up jobs, including Fort Dix and McGuire Air Force Base for military jobs and the Picatinny Arsenal for civilian positions. Even with these, New Jersey will have a net loss of 3,713 civilian jobs and 47 military positions if the current closings and realignments are approved.

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