PARAMUS, NJ—Retail vacancy rates in New Jersey were stable at just over six percent for the first half of 2015 vs. the end of 2014, according to Chuck Lanyard, president of The Goldstein Group, which conducts the survey of 22 retail corridors in Northern and Central New Jersey.
The survey, the most extensive retail vacancy report for New Jersey, covers more than 4,250 properties and more than 100 million square feet of retail space. The retail vacancy rate is at 6.2 percent after the first half of 2015. Retailers – both existing and new, coming to New Jersey for the first time – continue to lease retail space at a steady pace. New Jersey is still doing better in filling retail spaces, compared to the rest of the United States, where vacancies still average closer to 10 percent nationwide.
“With very little change in the vacancy rate for the past year, the 6.2 percent level is a welcome consistency,” says Chuck Lanyard, president of The Goldstein Group. “Compared to the last recession when rates were close to 8-10 percent, and a lot more volatile, now the outlook continues to be promising.”
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