Over the past decade, many New Jersey office owners have opted to divest underperforming assets rather than invest in costly renovations with limited potential to boost occupancy.
Since 2018, the state’s office inventory has contracted by more than 7.8 million square feet, as demolition activity consistently outpaced new project completions in every year except 2023. This reduction far surpasses the 5.9 million square feet of net inventory growth recorded during the prior eight years.
Every county across the Garden State has seen at least one office building demolished since 2010, with the majority of activity concentrated in Northern New Jersey. Morris, Bergen, and Essex counties alone account for 60% of all demolition work during this period.
Morris County leads the state in office removals and redevelopment, with six municipalities each eliminating more than one million square feet of obsolete space since 2010. East Hanover tops the list with 1.8 million square feet removed, followed by Morris Plains with 1.6 million square feet.
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