Vacant office space up across NJ

April 25, 2008 12:00:25 PM PDT
Office vacancy rates are climbing across much of New Jersey as the economy falters.A new study shows the overall vacancy rate in New Jersey's office market topped 22 percent at the end of March -- nearly triple the rate in more-expensive Manhattan.

The report, by real estate management firm Jones Lang LaSalle, found the biggest jump in vacancies has been along the Route 78 corridor.

The report also found the amount of office sublease space available totals a half-million square feet, with 21 percent vacant.

The report blames the rising vacancies on higher unemployment, companies trying to do more with less workers in a shaky economy, and recently finished construction projects that haven't been leased yet.


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