Downtown Morristown Is The Place For Your Business
Downtown Morristown is a powerful commercial center and county seat that over the last 15 years has benefited from revitalization projects valued at $750 million. It's strength resulted in low commercial vacancy rates during the Great Recession, while its many new residential units continue to be filled at a faster pace than most comparable communities.
Retail newcomers have included Century 21 Department Store, Jos. A. Banks and a host of small independent merchants. They are drawn by the downtown's very large daytime population:
• 22,063 workers. The 13,810 office workers alone can spend about $44 million/yr in downtown retail shops and eateries. Within the downtown's trade area, there are about 128,931 workers and a host of major corporate headquarters and regional office buildings. The estimated 85,617 office workers can spend $274 million/yr in retail shops and eateries
• Three hotels with 540 rooms average about 537 guests per day, 196,005 per year. These hotel guest spend an estimated $9.8 million/yr on food.
• 1,500 high school students who directly and through influence on their parents impact on about $6.5 million/yr in retail and restaurant revenues.
Many retailers are especially noting the occupants of the downtown's 1,500+ new market rate residential units. It is estimated that the new residents spend about $82 million/yr on retail.
Retailers in Downtown Morristown can also tap into the trade area's affluent and high spending residential customers. The trade area has about 219,000 residents with average household incomes around $168,000/yr. Sixty-one percent are college graduates. On a Retail Spending Potential Index, where 100 represents the national average, they score 225. (NJ scores 126).
The downtown has a strong health care niche, anchored by Morristown Memorial Hospital, as well as a strong legal services niche. They bring a steady flow of visitors into the downtown area.
Retailers can also benefit from the traffic generated by the downtown's entertainment niche:
• 77 restaurants generate about $74 million in annual sales; 21 are listed in Zagat
• A 10-screen cinema draws an estimated 360,000 patrons annually
• The well regarded Community Theater has 230 performances/yr and has an annual attendance of about 200,000.
A rich array of transportation assets makes it easy for office workers, shoppers, visitors and residents to get to and from the downtown:
• I-287 is just .7 miles from the heart of the downtown, with an average daily traffic (ADT) of about 106,000. Major state routes (124, 204, 206) pass through the downtown itself and have ADTS of 20,000+
• There are 2,900 public parking spaces, with a 58% occupancy rate. 1,500 spaces were added in the last 14 years
• New Jersey Transit provides direct and frequent service to Manhattan, Newark and Hoboken. Daily boardings are around 2,000
• Morristown Municipal Airport, that services many corporate flights, is a few minutes away.
For additional information about available spaces, consumer markets, labor sheds, business financing, municipal permits and permissions etc. contact the Morristown Partnership at 973-455-1133.