Over the last 12 months, a number of large leases in Morris and Bergen Counties were signed; yet, overall vacancy in the state actually rose in the first quarter, to 8.2%:

• In Northern New Jersey. where L.A. Fitness and 24 Hour Fitness took a total of 100,000 square feet off the market, vacancy rose, by 60 basis points to 7.4%. Asking rents rose 0.3% to $27.03 per square foot.
• In central Jersey, vacancy was also up, to 8.9%. Rents rose to $21.59 per square foot.
• South Jersey did better in Q1, as vacancy dipped 30 basis points to 9.5; but rents dropped 0.2 percent to $17.91 per square foot

Over the past 12 months, 645,000 square feet was added in northern New Jersey, increasing retail inventory by 1.5%, according to M&M.

In central New Jersey, supply grew by 500,000 square feet – just 0.6% - in the last four quarters. However, another 2.1 million square feet is under construction, including Edison Towne Square, a 1-million-square foot power center being developed at the former Ford Plant in North Middlesex.

There is more than 4.6 million square feet in the planning stages for central Jersey, M&M reports.

South Jersey gained a mere 40,000 square feet of retail space in the last 12 months, increasing supply by only 0.1%. About 100,000 square feet is being constructed, while 3.9 million square feet is planned for the region, most of that in Gloucester County.