The overall office vacancy rate in Northern New Jersey, now 17%, has increased 0.7% since the first quarter of this year and by 0.8 percentage points from mid-year 2008. In Central New Jersey, the overall vacancy rate registered 20.7% at the close of the second quarter, a 0.4% increase since first quarter 2009, a 0.7% increase since mid-year 2008 and its highest point since year-end 2004.
"Year-to-date, overall net office absorption posted negative totals in nine out of the 11 counties Cushman & Wakefield tracks in the state," Medina says. "Absorption is not expected to show positive numbers as more space is delivered to the market."
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