PARAMUS, NJ-While there has been a pickup in demand, the Northern New Jersey retail market still has nearly 2 million square feet of vacant space available.
According to a report released today by Paramus-based The Goldstein Group, the vacancy rate in Northern and Central New Jersey stood at 7.8% at the end of January, up slightly from the July 2012 reading of 7.7%.
Chuck Lanyard, president of The Goldstein Group, says despite the high vacancy rate, “there's really some good momentum” in the region's retail market.
Last year, there were some major lease signings and some significant space givebacks in the Paramus area. For example, The PGA Tour Superstore moved into the former Einstein Moomjy store, Stickley Audi furniture took over the former Levitz space and a Nissan car dealership now occupies the former Sixth Avenue Electronics store on Route 4 in Paramus. However, several large properties lost tenants in 2012, including the Electronics Expo store on Route 17 in Paramus. See story in The Record.
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