4-11-2025 2:59pm

Morris County Shifts Toward Redevelopment and High Density Housing in 2024

The annual planning report highlights the decline in new subdivisions, rise in multifamily housing, and transformation of office sites into mixed-use developments.

MORRISTOWN, N.J. — April 11, 2025 — The Morris County Office of Planning and Preservation has released its 2024 Development Activity Report, revealing a notable pivot in local growth trends, with significant emphasis on multifamily housing and redevelopment of commercial properties. The findings were presented to the Board of County Commissioners during its April 9 meeting by Planning Director Joseph Barilla.

In 2024, the Morris County Planning Board received 244 applications, a reduction from 310 in 2023. Parsippany-Troy Hills Township led all municipalities with 34 submissions, followed by Montville (21) and Long Hill (20). The submissions reflect an evolving land use pattern shaped by state affordable housing mandates, a sustained demand for luxury rental units, and a steady transition of obsolete office properties into mixed-use or residential developments.

Multifamily Housing Trends

The county reviewed 16 new multifamily housing applications in 2024, totaling 923 proposed units. An additional 1,652 units were included in 18 revised submissions. Three developments—located in Parsippany, Morristown, and Randolph—accounted for nearly 65% of the new units. Notably, only about 11% of all proposed units were designated for age-restricted or assisted living housing, a marked decrease from 60% in 2023.

Since 2015, the county has reviewed proposals totaling 16,722 multifamily units, with the largest volumes concentrated in municipalities with access to commuter transit and major highways. In 2024, Morristown led the county with 315 new proposed units.

Commercial and Industrial Redevelopment

Applications for new warehouse developments with office space totaled 726,124 square feet in 2024, a significant drop from 2.66 million square feet the previous year. Parsippany-Troy Hills alone accounted for nearly 500,000 square feet, largely from four warehouse redevelopment projects.

Redevelopment activity remained strong, particularly in former corporate office campuses. New mixed-use and residential redevelopment projects advanced or began construction across the county, including:

Parq Parsippany and District 15Fifteen in Hanover, transforming office sites into residential and retail hubs.
A 280-unit luxury apartment and fitness club project at 6 Sylvan Way in Parsippany.
KRE East Hanover, with 239 multifamily units and 309 townhomes.
The redevelopment of the former BASF site in Mt. Olive into a 585,000-square-foot warehouse.
Two large-scale redevelopments in Morristown—Morristown Plaza and Morristown Station—aim to enhance the areas surrounding the train station.

Increased vacancies due to remote work have prompted developers to update office campuses with modern amenities such as lounges, cafés, and fitness centers.

Housing Market Indicators

Median home prices remained elevated in 2024. According to data from the New Jersey Department of Community Affairs:

New single-family attached homes in Morris County sold for a median price of $808,995.
New single-family detached homes reached a median price of $993,190.
The median rent for a two-bedroom unit was approximately $2,232 per month, with nearly 46% of renters spending more than 30% of household income on rent.

Subdivision and Lot Development

The creation of new single-family detached lots through major subdivisions continued its decline, reflecting a broader market shift. Only 23 new residential building lots were proposed in 2024 through major subdivisions. However, 385 lots were recorded with the County Clerk, a 10-year high attributed to projects approved during the peak years of 2021 and 2022.

Looking Ahead

The 2024 report reinforces ongoing trends that are reshaping development patterns in Morris County: a pivot away from large-scale new suburban subdivisions toward high-density housing and commercial-to-residential redevelopment. A legislative proposal introduced in 2024, New Jersey Senate Bill S1408, could further catalyze this shift by easing zoning restrictions for converting vacant office and retail centers into mixed-use developments.

The full report, and past reports, are available online at planning.morriscountynj.gov/publications.