2A — May 16 - 29, 2014 — M id A tlantic
Real Estate Journal
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Mid Atlantic R eal E state J ournal Publisher.............................................................................. Linda Christman Publisher................................................................................. Joe Christman Publisher/Senior Account Executive...................................... Elaine Fanning Section Publisher....................................................................... Steve Kelley Senior Editor/Graphic Artist.....................................................Karen Vachon Production Assistant.......................................................................Julie King Office Manager..................................................................... Joanne Gavaza Contributing Columnist..........................................................Chuck Lanyard Mid Atlantic R eal E state J ournal — Published Semi-Monthly Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, 312 Market St. Rockland, MA 02370 USPS #22-358 | Vol. 26 Issue 9 Subscription rates: $99 - one year, $198 - two years, $4 - single copy
Mid Atlantic Real Estate Journal
Chuck Lanyard
Retail vacancy dips below 7 % for first time in 5 years
T
he retail vacancy rate has dropped under 7% for the first time in 5
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years according to the results of The Goldstein Group’s year end survey of 22 retail corri- dors in Northern and Central New Jersey. The most exten- sive survey for retail vacancy report for New Jersey, totals over 4,250 properties and over 100 million s/f of retail space. The retail vacancy rate dropped to 6.9%, a .3% de- crease fromwhat we saw in the 2013 midyear report. Retail- ers – both existing and new, coming to New Jersey for the first time – continue to absorb retail space. “This is the lowest retail vacancy %age we’ve seen in the Northern and Central New Jersey markets in over 5 years,” noted Chuck Lanyard, president of The Goldstein Group. The strongest retail markets with the lowest availability rates include: Rte. 3 – Clif- ton (1.9%); Rte. 1 – Wood-
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bridge-Edison (2.8%); Rte. 17 – Rochelle Park-Rutherford (2.99%); Rte. 37 – Toms River (3.79%); Rte. 46 – Montville- Rockaway (4.72%). Markets with the highest vacancy rates include: Rte. 10 – Livingston-East Hanover (12.39%); Rte. 18 – East Bruns- wick (11.4%); Rte. 4 – Paramus (10.89%); Rte. 17 – Paramus (10.22%); Rte. 35 – Shrews- bury-Ocean (9.1%). “There was a substantial increase in leasing activity throughout 2013 with several markets having minimal space available in corridors such as Clifton Rte. 3, Woodbridge/
Edison Rte. 1 and the Rte. 46 Montville/Rockaway market,” said Lanyard. Leasing velocity through 2014 totaled over 1.5 million s/f, with over 800,000 s/f of space currently being built in various communities such as Paramus, Ramsey, Mahwah, Rochelle Park, Rutherford, Morris Plains, Ledgewood, Montville, Rockaway, Union, Springfield, North Brunswick, Lawrence Township, East Brunswick, Sayreville, Howell, Shrewsbury, Ocean Township, and Brick Township. The market has continued continued on page 3A
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