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Retail Transformation Sends Vacancy Rate Up, Goldstein Survey Shows

Although retailers/restaurants continue to lease retail space, others are closing down locations including some big box tenants who have been part of the retail landscape for many years.

High and low availability retail submarkets from the Goldstein Group survey High and low availability retail submarkets from the Goldstein Group survey

PARAMUS, NJ—The retail vacancy rate has increased by almost 0.4% since last year, mainly because of large chain closures and efforts by landlords to adjust to the new normal, according to The Goldstein Group’s survey of 22 retail corridors in Northern and Central New Jersey.

The survey, the most extensive retail vacancy report for Northern/Central New Jersey, totals over 4,250 properties and over 100 million square feet of retail space.  The retail vacancy rate is now at 7.04%. Although retailers/restaurants continue to lease retail space, others are closing down locations including some big box tenants who have been part of the retail landscape for many years.  New Jersey is still doing better in filling retail spaces, compared to the rest of the United States, where vacancies still average closer to 9-10% nationwide.

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Steve Lubetkin

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].

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