Northern New Jersey Office Market Report
Smaller Firms Bolstering Class B and C Offices;
Suburban Town Centers Draw Big-Name Leases
Would-be tenants seek accessibility to suburban amenities. As firms prioritize leases in bedroom communities to incentivize office occupancy, proximity to the region’s town centers plays a large role in tenant choices. Many of the region’s larger and more isolated single-tenant campuses remain vacant, and nearly 1.5 million square feet of Class A space was returned to the market on a net basis during the six-month period ended in March. This dynamic is exemplified in Morris County, which notes the highest availability among Northern New Jersey’s six counties, entering April at 24.4 percent. Several of the region’s largest move-ins are nevertheless located in downtown Morristown or immediately adjacent zones. Sanofi, Valley National Bank and Jersey Central Power & Light will move into a combined 510,000 square feet here in 2023.