Commercial Real Estate Market in Morristown, NJ
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
62 active listings and 689 off-market properties in Morristown, NJ. Commercial property asks $520/SF to buy and $22.10/SF/Yr to lease.
Market Trends
Morristown, NJ spans 34.8 square miles in Morris County, New Jersey. Figures below refresh monthly; last updated 31 August 2026.
Office
Office space in Morristown, NJ asks $200/SF to buy. Vacancy runs 19.9% across the Northeast region in 2025, up from 13.1% in 2019.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Retail
Retail space in Morristown, NJ asks $325/SF to buy. Vacancy runs 6% across the Northeast region in 2025, little changed from 6% in 2019. Down from a 2020 peak of 7.1%.
Average Sale Price $/SF
Listings
Vacancy Rate % in Northeast region
Industrial
Industrial vacancy in Morristown, NJ runs 7.6% across the Northeast region in 2025, up from 5.4% in 2019. Nearly 2.4x the 2021 low of 3.2%.
Vacancy Rate % in Northeast region
Multifamily
Multifamily vacancy in Morristown, NJ runs 5.6% across the Northeast region in 2025, up from 4% in 2022.
Vacancy Rate % in Northeast region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Residential 61.2%
- Civic 19.2%
- Commercial 10.5%
- Mixed use 8.5%
Largest Zones share of zoned land by district
Residential Detached
Public Purpose Undevelopable
Single And Two Family Residential
Multifamily Low To Moderate Intensity
Town Center
Morristown, NJ zones 1,562 acres across 12 districts. Commercial zoning covers 10.5% of zoned land, residential 61.2%. The largest single district is Residential Detached at 34.7%. For commercial buyers the practical constraint is that only 10.5% of land carries a commercial or industrial designation.
Residential Detached (R)
R District are primarily limited to low-rise detached buildings. b. Estate Overlay (E): The Estate Overlay designation recognizes, preserves, and promotes areas known for their large, architecturally and historically significant structures. Single-family dwellings in this area are relatively large for the parcels on which they are located. Development in the…
Market overview
Demographics & Economy
Morristown, NJ has 45,640 residents in 18,978 households. Density runs 1,312 people per square mile. Median household income here is $149,462 and median gross rent $2,173 a month.
45,640
Population
18,978
Households
2.4
Avg Household Size
40
Median Age
68%
College-Educated
94%
High-School Grad
34.8 sq mi
ZIP Area
1,312
Density / Sq Mi
$149,462
Median Household Income
$75,218
Median Earnings
$2,173
Median Rent
$701,100
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Cedar Knolls | — | — |
| Morris Plains | — | — |
| Whippany | — | — |
| New Vernon | — | — |
Commercial property in Morristown, NJ asks $520/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Morristown?
Commercial property in Morristown, NJ asks an average of $520 per square foot. Retail carries the highest asking price at $325/SF.
How much does it cost to lease commercial space in Morristown?
Asking lease rates in Morristown, NJ average $22.10 per square foot per year.
What zoning applies to commercial property in Morristown?
Morristown, NJ zones 1,562 acres across 12 districts, of which 10.5% is commercial and 0% industrial. The largest single district is Residential Detached at 34.7% of zoned land. R District are primarily limited to low-rise detached buildings. b. Estate Overlay (E): The Estate Overlay designation recognizes, preserves, and promotes areas known for their large, architecturally and historically significant structures. Single-family dwellings in this area are relatively large for the parcels on which they are located. Development in the… Residential zoning covers 61.2% and open space 0%.
Where does Realmo's Morristown market data come from?
Realmo compiles Morristown, NJ figures from 4 recent recorded sales, 22 active sale listings, 40 active lease listings, 689 tracked off-market properties, the current Morristown zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 22 active for-sale and 40 active for-lease listings in Morristown, NJ. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 1,562 zoned acres across 12 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at Northeast region level, retail vacancy is reported at Northeast region level and industrial vacancy is reported at Northeast region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
