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Market Report

Northern New Jersey Multifamily Market Report

2Q 2022

Corporate Moves and Returning Commuters
Bolstering Jersey Apartment Performance

Relocations, industrial growth driving vacancy trends. The flourishing biotech industry has found its footing in New Jersey. Plans by global life sciences firm Gilead to create 500 positions at a Morris County hub constitute just one of the ongoing expansions in the market. Hiring in high-compensation industries should drive down availability in upper-tier properties. Furthermore, the metro’s status as a pivotal transit and industrial hub has been a boon for Class C rentals. This segment posted an all-time vacancy low of 2.5 percent ending last year, as the transportation and utilities sector recouped the bulk of job losses.
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