OLD BRIDGE, NJ—An improved picture in both 'big-box' and smallerstore spaces combined to push the retail vacancy rate along centralNew Jersey's major shopping corridors to a six-year low of 7.6%from 9.8% in 2013, according to the latest study by R.J.Brunelli & Co., LLC. The 2014 figure comparedwith a high of 10.5% in 2011 and low of 3.4% in 2006.

Brunelli's 25^th annual study of thecentral New Jersey market found 2.33 million square feet ofvacancies in the 30.94 million square feet of space reviewed alongState Highways 1, 9, 18 and 35 in Mercer, Middlesex and Monmouthcounties, and a small section of Ocean County. The region's mostheavily retailed road, Route 35, experienced the steepest declinein vacancies, followed by Routes 9 and 1, while Route 18 showed aslight increase.

The study found availabilities in 180 of the 815 sites visitedthroughout the region during this year's third quarter. As in thepast, Brunelli'sstudy evaluates shopping centersand freestanding buildings exceeding 2,000 square feet—includingrestaurants, auto service facilities and vacant auto dealershipswhose location and configuration makes them viable for retail use.Regional malls and centers under construction or in the early ormid-stages of major redevelopment are excluded.