Northern New Jersey Office Market Report
Commuter-Friendly Stock an Edge;
Proactive State Policy Drawing Class A Tenants
Market bolstered by a mix of suburban and urban offices. The proximity of inland commercial districts to residential suburban zones is drawing employers looking to attract workers seeking reduced commute times. Builders are confident in future demand for space in these locales, with over two-thirds of the construction pipeline set to be delivered to portions of Morris and Passaic counties. However, vacancy rates are early on the path to recovery here, with the highest vacancy compression and rent growth observed in the more centrally-located Union and Essex counties. With nearly all pandemic-related restrictions dropped, recovery in core urban areas is sparking more leasing in these submarkets.