OLD BRIDGE, NJ—Retail vacancy rates in northern and central New Jersey during the latest quarter rose to a combined 8.4 percent from 7.4 percent last year, driven mainly by the bankruptcy of The Great Atlantic & Pacific Tea Co., according to R.J. Brunelli & Co.
Central Jersey retail vacancy rates rose to 8.8 percent from 7.5 percent in 2014, while the Northern New Jersey retail corridors studied rose to 7.9 percent in 2015 from 7.3 percent a year ago. Reductions in the vacancy factor along Routes 4, 22 and 46/3, were unable to compensate for increases on Routes 10, 17 and 23.
Despite the uptick, the region's 2015 vacancy factor remained a healthy distance from the 10.2 percent recorded in 2013 and the eight-year high of 10.5 percent set in 2011, but was well above the period's low point of 4.8 percent posted in 2008.
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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].
