Search
 

Goldstein Group Charts Rising Retail Vacancies

PARAMUS, NJ-Retail vacancies in Northern and Central New Jersey rose in the first half of the year, reports the Goldstein Group.

By Maria Wood | Updated on August 28, 2009

PARAMUS, NJ-Consumer wariness about the economy pushed retail vacancies in Northern and Central New Jersey upward in the first half of the year, reports the Goldstein Group. The locally based brokerage firm surveyed 4,250 properties in 22 retail corridors, excluding regional malls.

It found that the vacancy rate increased from 6.7% at the beginning of the year to 8.2% in July. Of the roughly 95 million square feet it evaluated, more than 7.5 million square feet was empty, up from 6.5 million square feet six months earlier. About a million square feet of retail product is currently under construction.

“We anticipate high vacancies to continue even after the recession,” said Chuck Lanyard, president of the Goldstein Group, in a statement accompanying the report. “Absorption will be slow over the next few years.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.