PARAMUS, NJ-According to The Goldstein Group’s year-end survey of 22 retail corridors in North and Central Jersey, the state’s retail vacancy rate dipped to 7.9% – the first drop below 8% since January 2009. This compares with a 13.9% average retail vacancy rate for the rest of the country, the survey notes.

The state’s vacancy rate has continued to inch downward for three years, as retailers – especially smaller retailers - moved to grab space at reduced rental rates in solid locations that had not available during boom years, Goldstein Group’s president, Chuck Lanyard, tells GlobeSt.com.

“What’s more, we know that since the survey was made, in the first quarter of this year, there has been considerable more space leased in highway areas,” says Lanyard. “Around Paramus, those areas are leasing up great.” The Goldstein Group annually surveys 4,250 properties offering a total of 98 million square feet.

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