PARSIPPANY, NJ-The overall statewide office vacancy rate in New Jersey inched up slightly in the third quarter to 24.6%, according to brokerage firm Jones Lang LaSalle. The rate for the second quarter stood at 24.2%.
Northern New Jersey's office vacancy rate rose from 24.1% in the second quarter to 24.8%. Central New Jersey's vacancy rate was flat at 24.5%.
Newark's 10.3% acancy rate for Class A offie space and the 17.8% rate for the Hudson waterfront were among the lowest in the state.
“The professional and financial services sectors have historically been drivers of demand for space In New Jersey,” said Robert Kossar, executive managing director and market director for JLL's New Jersey and Long Island operations. “The lack of significant employment gains by these vital sectors has cast a shadow over the office market, where limited demand is being countered by corporate restructurings and rightsizings."
He said these economic pressures have kept overall vacancy around the 25% level for the past three years. See story in the Star-Ledger.
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