The study, conducted in January, counted shopping centers and freestanding buildings over 2,000-sf on Routes 4, 10, 17, 22, 23 and 46, along with certain intersecting arteries in Bergen, Essex, Morris, Passaic, Somerset and Union counties.
"Our findings quantify northern New Jersey's standing as one of the most desirable retail real estate markets in the entire U.S., and 2004 was no exception," said Richard J. Brunelli, president of the firm. "The market banked on its suburb demographics and lack of developable land to weather the departures of major chain retailers."
Five of the six major highways has declined; Route 23 has the lowest vacancy rate of the six major highways, with a mere 1.4%. Route 10 had its best year in a decade, dropping to a 1.5% vacancy. Route 46 dropped to 2.7%, down from 3.4% the year before. Route 22 dropped to 2.8% from 3.7% in 2003. Route 17 dropped to 3.2%, down from 3.7% last year.
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