PARAMUS, NJ—The retail vacancy rate hasincreased by almost 0.4% since last year, mainly because of largechain closures and efforts by landlords to adjust to the newnormal, according to The Goldstein Group's surveyof 22 retail corridors in Northern and Central New Jersey.
The survey, the most extensive retail vacancy report forNorthern/Central New Jersey, totals over 4,250 properties and over100 million square feet of retail space. The retailvacancy rate is now at 7.04%. Although retailers/restaurantscontinue to lease retail space, others are closing down locationsincluding some big box tenants who have been part of the retaillandscape for many years. New Jersey is still doingbetter in filling retail spaces, compared to the rest of the UnitedStates, where vacancies still average closer to 9-10%nationwide.
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