Office vacancies in Northern and Central New Jersey are hitting levels last seen during the Great Recession that followed the global financial crisis.
The Q1 2023 office vacancy level for the northern half of the Garden state was 25.8%, just a couple of ticks lower than the 26% peak in 2009, according to a new report from JLL.
The Q1 vacancy level was an increase over the Q4 2022 level of 24.5%. The vacancy rate stood at 21% in 2019. The vacancy level in the Northern region actually exceeded the 2009 level at
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