Retail vacancies along northern New Jersey’s six major shopping corridors grew to 3.6 percent during 2007 from 2.9 percent a year earlier, according to R.J. Brunelli & Co., Inc.Retail vacancies along northern New Jersey”s six major shopping corridors grew to 3.6 percent during 2007 from 2.9 percent a year earlier, according to R.J. Brunelli & Co., Inc., an Old Bridge-based retail real estate brokerage firm. The company attributed much of the increase to the shuttering of Levitz Furniture, The Rag Shop and Comp USA locations throughout the area last year.
R.J. Brunelli”s 18th annual study of the northern New Jersey market showed more than 1 million square feet of vacancies among some 28 million square feet of space evaluated along the six corridors. The 2007 vacancy factor was the region”s second highest over the last 10 years. During that period, the region”s vacancy rate peaked in 1998 at 3.7 percent and was its lowest in 2002 at 2 percent, according to the firm.
Despite the increase, the firm said northern New Jersey still has one of the nation”s lowest retail vacancy rates.