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NJ Office Vacancy Is Stuck Over 25%

PARSIPPANY, NJ-The office market was overall flat in 2012 and doesn't look lively for 2013, says Jones Lang LaSalle. Newark and the waterfront are cited as exceptions.

By Antoinette Martin | Updated on January 24, 2013

PARSIPPANY, NJ-In Jones Lang LaSalle’s year-end report, the company says that New Jersey’s office market had its scantest absorption of office space in three years during 2012 – just 10,345 square feet.

In the three years since 2009, when a whopping 3.8 million square feet of vacant space flooded the market, a total of less than 2.1 million square feet has been absorbed.

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