OLD BRIDGE, NJ—The retail vacancy rate in northern New Jersey's six major shopping corridors fell to 7.3% from 8.1% a year ago thanks to ongoing absorptions of empty 'big-box' stores—including some long-dormant spaces—according to R.J. Brunelli & Co.'s latest survey of the market.
With Routes 17 and 10 leading the way, conditions improved on all roadways with the exception of Route 4, as the region's vacancy factor reached its lowest level in five years.
The Old Bridge-based retail brokerage firm's 24th annual study of the six-county northern New Jersey market found 2.19 million square feet of vacancies in the 30.12 million square feet of space examined along the six corridors, with availabilities in 173 of the 915 properties reviewed. In the 2013 study, the firm found 2.4 million square feet of vacancies in 29.5 million square feet of space.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
