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NJ Retail Vacancy Drops

Old Bridge, NJ-Vacancy rates dropped to 2.8%, according to an R.J. Brunelli study.

By Sean Ryan | Updated on March 31, 2005

Old Bridge, NJ-Vacancy rates along the Northern New Jersey major shopping corridors dropped to 2.8% in 2004, according to a new study by R.J. Brunelli & Co. With the exception of Route 4, all of the highways measured had their vacancy rates drop over the past year.

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.”

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