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Old Posted Sep 16, 2015, 3:10 PM
C. C. is offline
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New Jersey’s Office Parks Empty as Christie Bolsters Cities

Office vacancies in suburban North Jersey are as much as 27 percent, according to Cushman & Wakefield, a New York real-estate brokerage. They’re as low as 14 percent in urban areas, and Manhattan’s rate is 8.9 percent.

New York Life Insurance Co. won $33.9 million in incentives this year to move 325 jobs from suburban Parsippany to the Goldman Sachs Group Inc. tower in Jersey City, with access to mass transit.

“One of the primary factors in looking for a new location was proximity to public transportation,” Howe said by e-mail.

Eighty percent of New Jersey office space was built in the 1980s, according to James Hughes, dean of the Bloustein School of Planning and Public Policy at Rutgers University in New Brunswick.

“That was considered leading-edge inventory,” Hughes said in an interview. “One of the major reasons New Jersey’s economy is growing slowly is that we just had too much of a concentration in suburban office buildings. People just don’t want them.”
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