Morristown, which has experienced a transformation over the last two decades, is primed for continued growth with a strong pipeline of new commercial and multifamily projects, according to information released by Colliers International on Wednesday.
Colliers said the town continues to experience excellent absorption in its apartment market, and record-low office vacancy levels. Moreover, a slew of new multifamily and commercial communities have been developed since 2006, which also bolstered its robust retail and nightlife scene—and the area’s transformation is only continuing.
Morristown already has more than 1,200 residential units with several additional projects currently in progress: 54 units at Market/Bank Street; 89 units at a Morristown Train Station Project; 58 units at 30 Court; 30 unites at 190 South St.; and 24 unites on Spring Street.
The city’s office stock remains limited and vacancy levels are at record lows.
Only nine office properties in excess of 25,000 square feet exist in downtown Morristown, offering a total of 994,109 square feet of space – most of these properties were built prior to 1995. The last office building to be built in Morristown was a 45,000-square-foot building on Market Street for Fox Rothschild in 2017.
Colliers did point out, however, that office construction gained traction near the Morristown Green.
Deloitte recently announced that it will be relocating from Parsippany to M Station in Morristown, a proposed mixed-use project being developed by SJP Properties in partnership with Scotto Properties.
Plans for M Station, heralded as the most significant new commercial development for Morristown in the last 30 years, also call for an additional mixed-use office/retail building along with a parking deck and landscaped public promenade.
Additionally, 21 South St.is slated to bring new office space to Morristown’s downtown. The property, which is currently home to a Wells Fargo bank branch, will be redeveloped for office use with an additional two floors, bringing the total size of the building to 70,000 square feet.
1776 on the Green, which was acquired by Vision Real Estate Partners in 2017, recently benefited from a complete capital improvement project includeding a redesigned lobby and common areas, and a rooftop deck.
In addition to being located along a major transit hub, the city is centrally located right off Interstate 287 and Route 202 and is within close proximity to other major thoroughfares including Interstate 80, Route 24 and Interstate 78.