OLD BRIDGE, NJ-Last year, retail vacancy in central New Jersey had slid downward from the 10-year high of 10.5% set in 2011 – but the course reversed in 2013 as smaller shops were hurting, according to R.J. Brunelli & Co.'s annual survey.
Retail vacancy in the central part of the state was 9.8% when the brokerage conducted its 24th annual study. That was up from 9.1% in 2012.
There was progress in leasing up larger “big-box” spaces of 20,000 square feet or more, according to the Old Bridge-based real estate brokerage's survey.
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