CLIFTON, NJ−Retail vacancy hit a five-year-low at the end of 2013, according to the Goldstein Group's most recent survey, dipping below 7% in northern and central New Jersey.
The retail space along Route 3 in Clifton had a scant 1.9% of space that was unoccupied.
Other tight markets included:
· Route 1 in Woodbridge-Edison, 2.8% vacancy
· Route 17 in Rochelle Park-Rutherford, 2.9%
· Route 37 in Toms River, 3.8%, and
· Route 46 in Montville-Rockaway, 4.7%
The Goldstein Group regularly surveys more than 100 million square feet of retail space. It found an overall vacancy rate of 6.9%, which had declined 0.3% from midyear 2013.
The highest vacancy rate of any submarket surveyed was 12.4% along Route 10 in Livingston and East Hanover. Other markets with rates above 10% included: Route 18 in East Brunswick, 11.4%; Route 4 in Paramus,10.9% and Route 17 in Paramus, 10.2%.
“These numbers confirm that the retail climate is improving,” said Chuck Lanyard, Goldstein's president. “We will still have some retailers who will conservatively wait for a more sustained improvement, but, all in all, 2014 looks to be another good year for retail space being leased, and as a result, desirable retail locations will soon be at a premium.”
Lanyard said retailers that continue to expand in the state include Costco, Marshalls, Whole Foods Market, Walmart, Big Lots, Hobby Lobby, Target, Stop & Shop, Petsmart, GNC, HomeGoods, Dollar Tree, Planet Fitness, Ethan Allen, and Harbor Freight Tools.
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