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Market Report

Northern New Jersey Office Market Report

4Q 2022

Tax Abatements Draw More Business to the Garden State,
High-Quality Stock Stands to Benefit

State policy and deep labor pool facilitate larger leases. Proactive tax incentives from the New Jersey government are prompting office-using firms from diverse sectors to relocate here. In September, L'Oréal announced a $140 million research and development facility to be completed some time in 2024, showcasing the market's growing pharmaceutical industry. More traditional signings in this category include Gilead and Embecta, both signing 50,000-plus-square-foot leases for suburban headquarters in Parsippany this year. In nearby Morristown, Deloitte and Morgan Stanley are moving into offices exceeding 100,000 square feet before the end of 2022.
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