On May 13, 2025, Netflix broke ground on its new state‑of‑the‑art production campus at the former Fort Monmouth in Monmouth County, New Jersey. The facility, spanning 292 acres across Eatontown and Oceanport, will result in nearly 500,000 square feet of new soundstages, plus significant ancillary and support space.
The military base was selected for closure in 2005, and all personnel had been relocated by September of 2011. The Fort Monmouth Economic Revitalization Authority facilitated negotiations with Netflix, and an agreement was reached in 2022 for the streaming giant to build a state-of-the-art “Hollywood East” production studio. This type of large institutional, industrial, and creative use coming to a vacated site of this size has multiple residual effects for the local and regional commercial real estate market.
The project involves not only building new soundstages, office space, backlots, etc., but also redeveloping or reusing existing buildings on the Fort Monmouth site. Additionally, major projects like this prompt upgrades in utilities, roads, transit and other means of public access, which in turn make adjacent land more attractive for future development. Sites previously marginalized because of poor accessibility or inadequate infrastructure can become far more valuable, which will surely be the case in areas around route 35 with proximity to the Netflix site. The campus will require production services, storage, post‑production facilities, offices, warehouses for props and costumes, staging; the residual needs are almost countless. This means increased demand for industrial warehousing and flex space in surrounding towns. Existing industrial or light‑industrial assets are likely to feel upward pressure on rents and see lower vacancy rates.
In addition to the main campus, outside vendors, creative and administrative firms, and all types of ancillary businesses will want proximity. This should lead to an uptick in demand for Class A and B office space in nearby municipalities like Eatontown, Oceanport, Red Bank and other adjacent commuter‑friendly towns. With new employment comes demand for hotels, restaurants, retail, and potentially entertainment and retail outlets oriented towards visitors and employees. Mixed‑use or commercial retail strips near ingress/egress points will undoubtedly see increased investment interest. Parcels near the Netflix campus site, especially undeveloped or under‑used land, will likely appreciate significantly. As landowners find their asset values rising, many will capitalize by selling or redeveloping.
Of course, there are the usual risks and variables that can impede a project of this scale. If local roads or infrastructure are not upgraded, congestion can reduce attractiveness of adjacent sites. Environmental remediation (given the military history) may impose costs and prolong completion. Those factors can slow or limit development and affect value.
However, the concerns surrounding this project are relatively minimal. An endeavor of this scale will attract investment interest from funds looking for higher growth commercial real estate to add to their portfolio, and, given the scale and permanence of Netflix’ presence in the area, developers will likely start to buy up land or repurpose under‑used properties in anticipation of growth in the surrounding areas.
Netflix’s Fort Monmouth project is not merely a film studio; it’s a catalyst for real‑estate change. It will undoubtedly boost land values and increase demand for all forms of commercial and residential real estate, while fueling speculative development.
For real estate developers, owners of industrial or office buildings near the site, and municipalities in Monmouth County, this is a moment of opportunity. With a proposed project completion date of 2028, this will be a fascinating real-time study of the reshaping of a community.
