2023 Office Space Rent & Sales
- $37.94 2023 Avg. Asking Rent
- -1.96% Y-o-Y Avg. Asking Rent Change
- 13.98% 2023 Office Vacancy Rate
Morristown office price per square foot in 2023 was $37.94 on average. This marked a -1.96% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 13.98% across all asset classes combined.
See how this market compares to the national average: U.S. office space rent & sales.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- New Jersey Class A & A+ Office Space$39.79
- New Jersey Class B Office Space$27.52
- New Jersey Class C Office Space$33.47
Morristown, NJ Office Asking Rents by Class
2023 Office Vacancy Rates in Morristown
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Morristown | $37.94 | 13.98% |
| Hanover | $23.48 | 20.67% |
Office Spaces for Rent in New Jersey
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Coworking Spaces in New Jersey
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2023 Office Construction in Morristown, NJ
- Morristown, NJ Total SF completed in 2023 120,000
During 2023, 120,000 square feet of new office space were delivered across the market. At the close of 2023, the Morristown office inventory included 1 buildings equal to or larger than 25,000 square feet, which comprised 120,000 square feet of office space.
| Office building | Address | SF | Completed |
|---|---|---|---|
| Morristown Centre | 10 Madison Avenue, 07960 | 86,700 | 1985 |
| Headquarters Plaza - West Tower | 1 Speedwell Avenue, 07960 | 347,000 | 1982 |
| Toa-Re Insurance Building | 177 Madison Avenue, 07960 | 39,150 | 1979 |
| 1776 On the Green | 67 Park Place, 07960 | 167,810 | 1975 |
| 10 North Park Place | 10 North Park Place, 07960 | 95,000 | 1930 |
| 59 Franklin St | 59 Franklin St, 07960 | 1,600 | 1930 |
Worth noting among recent office completions on the Morristown market is Morristown Centre, which is currently the largest new office development in the city, at 86,700 square feet.
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Morristown commercial properties sized 25,000 square feet or larger.
While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.