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COVID-19 disruptions shut down northern NJ office market
Governor Phil Murphy enacted a stay-at-home order for New Jersey on Saturday, March 21st to help stop the spread of COVID-19. Office occupiers implemented remote-work policies as all non-essential businesses were forced to close. But with many industries unable to operate remotely, local and nationwide unemployment soared with unprecedented velocity. U.S. Congress reacted by passing The CARES Act to provide emergency assistance and health care response for individuals, families, and businesses affected by the pandemic. While this stimulus package may partially offset the immediate economic impact of the shutdown, it remains too early to predict the long-term effect, especially on the office market.