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Market Report

Northern New Jersey Office Market Report

2024 Investment Forecast

Northern New Jersey Notes Several Points of
Standout Demand Amid General Headwinds

Multiple nodes capture corporate interest amid rising vacancy. Although the metro’s top tenants continue to favor smaller footprints, driving overall vacancy upward in 2024, the metro retains multiple office hubs that will benefit from this trend, due to their proximity to commuter routes and selection of high-quality floor plans. Morristown, in particular, is a growing hub for the healthcare and financial services sectors, with Sanofi’s Consumer Healthcare division among the larger names establishing new footprints here in 2024. This sustains broader market trends seen last year, with Morris County being one of two local counties to note positive overall net absorption throughout 2023. Jersey City’s waterfront is the metro’s eastern epicenter of leasing activity, noting move-ins from Eikon Therapeutics, Hyundai Motors and Ishi Systems scheduled for this year. This neighborhood is well-positioned for tenants looking to recruit talent on both sides of the Hudson River, given its proximity to the Holland Tunnel, Paulus Hook ferry terminal and multiple stations on the PATH commuter rail service. 
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