Several similar concepts to officialese exist, including genteelism, commercialese, academes and journalese.

In The Dictionary of Modern English Usage Henry Fowler labels formal business writing 'commercialese' and I think we're safe in saying he doesn't approve:

Corporate jargon, variously known as corporate speak, corporate lingo, business speak, business jargon, management speak, workplace jargon, or commercialese, is the jargon often used in large corporations, bureaucracies, and similar workplaces.