CLIFTON, NJ−Retail vacancy hit a five-year-low at the endof 2013, according to the Goldstein Group's mostrecent survey, dipping below 7% in northern and central NewJersey.

|

The retail space along Route 3 in Cliftonhad a scant 1.9% of space that was unoccupied.

|

Other tight markets included:

|

· Route 1 in Woodbridge-Edison,2.8% vacancy

|

· Route 17 in RochellePark-Rutherford, 2.9%

|

· Route 37 in Toms River, 3.8%,and

|

· Route 46 inMontville-Rockaway, 4.7%

|

The Goldstein Group regularly surveys more than 100million square feet of retail space. It found an overall vacancyrate of 6.9%, which had declined 0.3% from midyear 2013.

|

The highest vacancy rate of any submarket surveyed was12.4% along Route 10 in Livingston and EastHanover. Other markets with rates above 10% included:Route 18 in East Brunswick, 11.4%; Route 4 in Paramus,10.9% and Route17 in Paramus, 10.2%.

|

“These numbers confirm that the retail climate isimproving,” said Chuck Lanyard, Goldstein'spresident. “We will still have some retailers who willconservatively wait for a more sustained improvement, but, all inall, 2014 looks to be another good year for retail space beingleased, and as a result, desirable retail locations will soon be ata premium.”

|

Lanyard said retailers that continue to expand in thestate 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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.