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Market Report

Northern New Jersey Office Market Report

4Q 2023

Offices Located in Central Neighborhoods Shine
Amid Rising Vacancy Across the Region

Suburban business districts attract corporate commitments. The downtown areas of the region’s smaller cities are emerging as notable corporate hubs. Morris County led net absorption among the area’s submarkets during the 12-month period ended in June, with a net 727,000 square feet taken off the market. Many of these firms are settling near downtown Morristown, exemplified by biotech giant Sanofi’s announcement to relocate here from its current Bridgewater headquarters. The firm’s Consumer Healthcare division also moved into a 17,000-square-foot lease nearby early this year. In total, these relocations will bring 1,900 jobs to the submarket by 2025, and will add to the number of conglomerates operating in Morristown, such as Verizon Wireless, Deloitte and Kroll.
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