Wednesday, October 10, 2012

Retail vacancy rate declines in North/Central New Jersey

Although The Goldstein Group says that retail vacancies along highways in Northern and Central New Jersey dropped to its lowest level in three-and-a-half years this summer, their report notes that it's still a tenant's market. The vacancy rate dropped to 7.7% (from 7.9%), but 7.6 million square feet of empty space remains along 22 highway corridors tracked by the company.

"Opportunistic retailers are... taking advantage of market conditions," according to The Goldstein Group President Chuck Lanyard, who expects the decline in the vacancy rate to continue in the near future.

According to the report, Northern and Central New Jersey's vacancy rate is well below the 13.5% national average for retail corridors.

Tenants that helped the rate decline include Fairway Market, which took over a former Pathmark store in Woodland Park, and DSW Shoes, which now occupies a former Borders Book store in Ramsey. A new PGA Tour Superstore will fill a 57,000 SF former Einstein Moomjy store next year in Paramus, which should help lower the 2013 rate.

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